Privately owned U.S. orthopaedics group Biomet is set to begin informal talks with Smith & Nephew (SN.L) about a potential 15 billion pounds ($23.6 billion) merger, the Daily Telegraph newspaper said on Friday, without citing sources. Merging the two groups would block attempts by Johnson & Johnson (JNJ.N) to acquire the British company, which is Europe's biggest maker of replacement knees and hips. Shares in Smith & Nephew (S&N) hit a record high of 739 pence on Monday after a report it received a bid last month from Johnson & Johnson, which was not disclosed. [ID:nLDE7080EX]
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