Shares in Jardine Lloyd Thompson (JLT) have surged over 6% this morning as talk of the expected acquisition of Heath Lambert Group gathers pace.
Earlier today, Morgan Stanley raised the brokers rating to "equalweight" from "underweight".
According to reports, Morgan Stanley analyst David Collins also said a possible deal could lead to the loss of up to 400 jobs in a combined entity, saving £16m per year.
Collins put a fair value on the stock of 465p.
Shares are currently trading at 395.75p.
