By Ed Frankl

Shares in Ubisoft Entertainment SA rose sharply on Thursday after a report that Chinese conglomerate Tencent Holding Ltd. was considering raising its stake in the videogames maker.

Tencent is aiming to become the French company's single-largest shareholder, and could offer up to 100 euros ($101.67) a share--more than double its current price--to acquire the additional stake, according to a report by the Reuters news agency, citing unnamed sources.

Shares in Ubisoft were up 16% at EUR48.94 at 1130 GMT.

Tencent plans to buy part of the additional stake from the Guillemot family, which owns around 15% of the maker of Assassins Creed and Far Cry, according to Reuters.

Ubisoft and Tencent couldn't immediately be reached for comment.

Write to Ed Frankl at edward.frankl@dowjones.com

(END) Dow Jones Newswires

August 04, 2022 07:54 ET (11:54 GMT)

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