MF Global registered its stake with the Dutch stock market regulator AFM on October 5 and registered the sale on October 8.

French rival and privately owned Sonepar said tomorrow it intends to offer 4.25 euros per Hagemeyer share, valuing the company at 2.5 billion euros ($3.54 million).

The shares soared on the news and rose further after Hagemeyer said the offer was too low and its French rival, Rexel, said it would review its options.

A regulatory filing with the AFM last Thursday showed Sonepar has built up a 10.24 percent stake. Without citing sources, The Financial Times reported on Friday that Sonepar was expected to announce a further increase in its stake.

Bermuda-based Orbis Investment Management, with an 8.2 percent stake in Hagemeyer, rejected last Thursday Sonepar's offer, saying it was well below the company's long-term intrinsic value. Hagemeyer declined to comment on Friday.

Hagemeyer shares were trading up 0.2 percent at 4.86 euros, suggesting investors were betting on a higher offer from Sonepar or a bidding war.