Investec confirms bid for Evolution

Banking and asset management giant Investec has confirmed it has made an offer for Williams de Broe owner Evolution Group.

Investec said in a statement it had made a preliminary approach for Evolution, after the target company revealed it had received an offer from a mystery bidder.

The group said in a statement: "Investec confirms, in line with its existing strategy, it has made a preliminary approach regarding a potential share offer for the entire issued and to be issued share capital of Evolution."

Evolution shares were trading up 2.25p or 2.8%, to 82p, following the announcement.