Shawmut National Corp.'s shares jumped Wednesday on takeover speculation. However, many market observers discounted acquisition rumors, saying that the New England regional is not of a mind to sell and that potential acquirers are handicapped by low trading multiples.

Stock in Shawmut, which is based in Hartford, Conn., and Boston, jumped $1.625 to $21.625, an increase of 8.125%, on volume of 4,507,700 shares. Average daily volume is 524,000.

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