Morning markets: M&A activity drives FTSE higher

South Korean state oil company KNOC made a hostile takeover bid for Scottish petroleum exploration firm Dana Petroleum. Dana has yet to comment on the $2.9bn (£1.9bn) cash offer, which values shares at £18 each. The stock was up 5.78% to 1,1793 this morning as the news broke. Meanwhile pub and restaurant operator Mitchells & Butler revealed plans to sell off a portfolio of 333 British pubs to Stonegate Pub Company, controlled by private equity firm TDR Capital, in a £373m deal. The largest gainer was BG Group, up 2.91% to 1,060, while BP was the worst laggard, down 2.38 to 377.5 today...