American investment bank JPMorgan Chase & Co has offered £123 million for EcoSecurities, a Dublin-based carbon trader and carbon offset developer.

Carbon Acquisition Company, a subsidiary of JPMorgan Chase has 100 pence-a-share cash offer for Irish carbon offset company, EcoSecurities, thwarting a 90pence-a- share bid made earlier by EcoSecurities’ co-founder, Pedro Moura Costa.

But most analysts believe that the carbon offset developer is worth more than any of the bids made so far.

Carbon Acquisition Company said that its offer stands for a 120 per cent premium to groups’ share price in June.

The subsidiary also said it obtained acceptances from about 20 per cent of EcoSecurities’ shareholders.

EcoSecurities Group invests in projects that are officially accredited under the Kyoto Protocol, which are sold into carbon trading markets.

The concerned announcement sent shares in EcoSecurities up by 11.5 per cent to 101.5 pence a share.