Shares in Dutch plastic pipe maker Wavin shot up over 60% on Tuesday following the announcement that it had received a takeover bid from a Mexican firm.

Wavin, the European market leader in the production and sale of plastic pipes, did not say how much Mexichem had offered per share, but said it is studying the offer.
The company was floated on the Amsterdam stock exchange in 2006 by venture capital groups Alpinvest and CVC.
According to the Financieele Dagblad, Mexichem is the biggest chemicals company in Mexico, with annual turnover of some $3bn. This makes it more than twice the size of Wavin, which booked net profit of €7m last year on turnover of €1.23bn.