Chubb, the British company best known for making locks, has confirmed it is in talks to be taken over by the Swedish firm Securitas.

Rumours that the two were in discussions sent Chubb's share price soaring 15% to 210p on Friday.

The two firms have previously been in talks but have failed to come to an agreement.

A deal would create the world's largest security services group.

The surge in Chubb's share price has now given the firm a market capitalisation of over £1.5bn.

Small beginnings

From the humble beginnings of Charles and Jeremiah Chubb who patented their Detector Lock in 1818, the firm now employs over 40,000 people and has two million customers.

According to the firm's website, the lock first received attention when it was accidentally sat on by Prince Regent.

Chubb has since expanded from locks into fire extinguishers, close-circuit TV, smoke detectors and remote electronic security systems.

Chubb security systems are now used at the highest levels in government, defence, banking and top industrial and commercial companies.

Last year, the firm achieved sales of £1.4bn worldwide.

Securitas' share price fell 3% on the news, as analysts said they could see few benefits for it from the potential tie-up.