Paint maker makes splash on bid talk

Australian paint maker Wattyl rose after the company said it had been approached by Allco Equity Partners about a possible takeover bid.

Allco approached Wattyl earlier this month to discuss making an offer, the company told the Australian Stock Exchange yesterday. Wattyl rejected the approach and Allco hasn't decided whether to bid.

Wattyl shares rose 22Ac to A$2.98. Before yesterday's gain, the stock had fallen 19 per cent this year.