Possible US Hochtief bid

America's fifth largest contractor, Turner, has received a bid from a European firm - thought to be Hochtief.

The offer, on 16 July, resulted in Turner's share price jumping from £11 to £16. In May, Hochtief had told analysts in Essen, Germany, that it would make a US acquisition. "The company said its proiority was America," said one analyst.