In a startling revelation, Sky news reported that late last year US medical equipment maker Johnson & Johnson tried to take over British rival Smith & Nephew for £7 billion.

S&N reportedly refused J&J’s offer of 750 pence a share as too low after which the US giant was seriously contemplating putting forward a higher bid.

S&N has been the subject of regular take-over speculation, including possible acquisitions by the privately owned rival US firm Biomet. S&N refused to comment on market speculations while J&J spokesman was not reachable for comment.