Food group Greencore has received a potential takeover approach, it said today, sending its shares soaring and valuing the group at around €290 million.

Greencore, one of the biggest sandwich and ready meal suppliers in Britain, said talks were at a preliminary stage and there could be no certainty whether any offer would be forthcoming.

Shares in the former state-owned sugar producer were nearly 21 percent higher at 75 cents at 2:00 pm. It has climbed 25 percent since last week. Greencore's shares slumped to a record low of 53 cents in mid-August.

The Dublin-headquartered group sealed a deal to buy British rival Uniq for £113 million in July, boosting its relationship with upmarket British food retailer Marks & Spencer.

The Uniq purchase came after a failed bid for Northern Foods earlier this year.

- Reuters