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Shares in Italy's Cobra up 7 pct following bid report

Reuters - UK Focus

MILAN, April 25 (Reuters) - Shares in Cobra (Milan: COB.MI - news) rose 7 percent on Friday following a report that private equity firm Palamon Capital Partners had submitted a bid to take over the Italian automotive security systems group from Intek Group (Milan: IKG.MI - news) .

Financial daily Il Sole 24 Ore said in an unsourced report that the offer price was in line with prevailing market values.

It was not possible to reach the companies for comment.

Shares in Intek rose 2.6 percent, against a 0.4 percent fall in Italy's all-share index.

(Reporting by Valentina Za; editing by Jane Baird)