Twitter shares surge on takeover rumour

Twitter's share price jumped as much as 20 per cent Friday on media reports that Google and software company Salesforce were eyeing a takeover of the struggling social network.

The buying spree followed a report by US business broadcaster CNBC that the social media network was in talks with several potential buyers and could soon seek a formal offer.

No deal is imminent, according to the report, although Twitter's leadership is in principle inclined to sell. But a takeover by year's end appears possible as the pace of talks accelerates, CNBC reported, citing a person close to the negotiations.

Speculation about a possible sale has been brewing for months as investors have lost patience with Twitter's chronic losses and flagging user growth. The San Francisco-based company has lost more than half of its market value since spring of 2015.

Salesforce, which provides cloud software to companies, wanted to buy the career network LinkedIn this year, but lost out to Microsoft.

Last update: Fri, 23/09/2016 - 19:44

More from Business

US unemployment rate dips to 9-year low

The US unemployment rate fell in November to 4.6 per cent, a nine-year low, the Bureau of Labour Statistics said...

Chinese firm building full-size Titanic replica for tourists

Construction has begun on the world's first full-size replica of the Titanic in China, a country that fell in love...

Erdogan calls on Turks to sell dollars and buy lira and gold

President Recep Tayyip Erdogan urged Turkish citizens on Friday to sell their dollars and buy gold and lira, as the...

EU agrees to let Germany introduce road toll, staving off legal feud

The European Commission has approved Germany's plan to introduce a road toll on its motorways, top transport...

Danish container shipping giant Maersk Line to buy German rival

Global shipping giant A/S Maersk Line of Denmark on Thursday announced plans to grow its business by buying German...