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CARPHONE Warehouse, Europe's biggest independent mobile phone retailer, saw its shares rise by more than 8 per cent yesterday amid rumours of a bid from US group Best Buy.

One trader said: "There are rumours that Best Buy plans a bid at 420p per share."

Carphone Warehouse closed up 8.1 per cent at 328.5p – the top gainer on the FTSE100 benchmark.

The UK-based retailer has already been engaging in trials of its stores in the US in a joint venture with Best Buy and hopes to have 200 joint stores by the end of the year.

It is understood that the pair are interested in having Carphone's stores within Best Buy's Canadian operations as well.

Carphone Warehouse declined to comment on yesterday's speculation.