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A French banknote printer is to buy its UK rival in a that has upset the British company. France’s Oberthur made a cash for De La Rue, the world’s largest maker of banknotes. Its shares immediately 30 per cent at the news. De La Rue’s board members have refused to the offer and have called it " preliminary and opportunistic". Analysts predict there will now be a war in which Oberthur, or one of its other rivals, could offer more than $1bn for the British printer. De La Rue's chairman, Nicholas Brookes, said that his board had "no " in rejecting Oberthur's bid. He said the offer was way too low and "does not begin to De La Rue's fundamental value". He added there were “attractive and long-term prospects for the company."

De La Rue, having a French name, is very English. It was in 1813 by Thomas La Rue, who set up a business as a stationer and printer. His company moved into the production of stamps in 1860 and banknotes in 1896. More recently it won the to print biometric British passports. Its website says: “De La Rue is the world's largest commercial printer and papermaker, involved in the production of over 150 national and a wide of security documents.” It continues: “De La Rue also pioneers new technologies in government solutions for national identification, driver's licence and passport issuing .” The company approximately 4,000 people in 24 countries.