Hints of acquisition lift Paramount Publishing

Paramount Publishing Group's share price more than doubled yesterday after the company confirmed it was in talks with third parties about potential acquisitions.

The stock rose 22.5 cents to 42 cents on the news before trading was suspended, brokers said.

Paramount was involved in negotiations with third parties involving the acquisition of businesses related to printing and publishing, a company spokesman said.

The company was also involved in talks about the disposal of a Tseung Kwan O plant, he said.

He said all talks were at an early stage.

Seapower International Holdings, Paramount's parent company with a 63 per cent stake, was not involved in any discussions about selling shares, he said.