Shares in Glencar Mining rose by over 60 per cent after Gold Fields made a £28 million sterling (€32 million) offer for the company.

Shares in the stock rose marginally below the 9 pence offer level issued by Gold Fields by 2.55pm.

The companies said the offer represented a premium of 105 per cent over yesterday’s closing price of 4.38 pence.

Seán Finlay, Glencar chairman, said the offer was being unanimously recommended as it was in “the best interests of all shareholders”.