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Shares in French group CGG rise on bid rumours

Reuters - UK Focus

LONDON, June 13 (Reuters) - Shares in CGG (NYSE: CGG - news) , a company whose services include providing geological data analysis to energy companies, rose on Friday as traders cited rumours it could attract bid interest.

CGG shares were up by 9 percent, with trading volumes in the stock coming in at 2.5 times its 3-month daily average.

A Paris-based trader said there was speculation that U.S. peer Baker Hughes (Stuttgart: BHU.SG - news) could bid for CGG, while adding that CGG's shares were also being boosted by expectations that it could win a big contract in India.

CGG declined to comment on the situation.

(Reporting by Alexandre Boksenbaum-Granier, Benjamin Mallet and Sudip Kar-Gupta, Editing by Atul Prakash)