(Reuters) - Shares in Johnson Matthey (LON:JMAT) jumped almost 13% on Friday after the investment arm of New York-based industrial firm Standard Industries nearly doubled its stake in the British chemicals maker to 10%, making it the largest shareholder.
Standard Latitude Master Fund had taken a 5.2% stake in Johnson Matthey in April last year and spurred speculation that it could lead to a possible takeover.
The increase in stake by Standard Latitude, controlled by Standard Investments and the co-chiefs of Standard Industries, would make them the largest shareholder in Matthey, according to LSEG data.
Shares were on track to log their biggest percentage gain since July last year, if gains hold. The stock has fallen nearly 15% so far this year.
Stock rose 12.8% to 1,840 pence, as of 0723 GMT.