A takeover battle has broken out at carbon trading specialist EcoSecurities. The company has received two takeover approaches in consecutive working days, although the board has rejected both of them.

The Ireland-based group said an indicated 75p-a-share cash offer from EDF Trading, a subsidiary of the French energy group, was “wholly inadequate” as it fell short of an indicative conditional proposal of 96p EDF made last month. The 75p offer values EcoSecurities at £88.5m ($141.7m).