Signature bid battle

SHARES in Signature Aviation rocketed after private equity giant Carlyle hired Wall Street banks to help it explore a takeover.

Carlyle has enlisted Bank of America Merrill Lynch and Morgan Stanley to advise it on a counter-offer as a full-blown bidding war breaks out for Signature, which was previously known as BBA Aviation. Last month Blackstone made a £3.2bn offer for the private jet service provider, which traces its history back to 1879 and made its name looking after Spitfires and hurricanes during the Second World War.

Bill Gates, the former Microsoft chief, is the biggest shareholder with 20pc of the company.

Shares were up 4.5pc.