The financial watchdog in Germany, BaFin, is to investigate the leap in Holsten's share price, which occurred before the takeover bid by Danish brewer Carlsberg was announced yesterday.

"We will have a closer look at that," a BaFin was quoted as saying today.

BaFin said it is making its probe into price manipulation and insider trading.

Holsten's shares price has risen from an intra-day low of €25.35 on Jan 12 to an intra-day high of €34.50 on Monday, a rise of 36.48%.

Yesterday, they had risen again to €37.81.
Carlsberg's bid is for €38 per share.