US stock futures rise on takeover news

Reports from the US suggest stock futures rose during early trading this morning (June 11th), as the market was buoyed by take over news.

Earlier, US office supply company Staples won its drawn out bid to buy Corporate Express in a deal thought to be worth $2.65 billion (£1.35 billion).

Reuters has reported that the move helped raise US stock futures, as the market looked for any signs of stability and growth.

Paul Mendelsohn, chief investment strategist at Windham Financial Services, explained to the news agency: "Any takeover activity these days that gives any indication that the mergers and acquisitions activity is alive is a positive.

"On a morning when we have any deal, the market wants to start higher out of excitement."

Separately, experts were predicting movement on Ford''s stocks during the day, after billionaire Kirk Kerkorian''s Tracinda Corporation reported that its offer to buy 20 million shares in the motor company at $8.50 per share was extremely over-subscribed.

Reports suggest over one billion shares of Ford common stock were offered, including 241 million tendered by notices of guaranteed delivery.

Once the purchases are completed, Tracinda will own around 5.5 per cent of the motor manufacturer.