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The lack of corporate headquarters remains a conspicuous weakness of the Scottish economy - particularly so with Diageo's distant decision to restructure and close its Kilmarnock plant.

The past two years have seen two globally significant companies taken over - Scottish & Newcastle and then Halifax Bank of Scotland.

So as the list of Scotland's largest companies now include relatively small firms, just over the billion pound market capitalisation, it's worth noting that two of those in the top 10 are being talked about as takeover targets.

They're both in the offshore oil and gas sector.

That's partly because the bigger players are not under severe pressure, and with oil prices bouncing back from recession lows, they can look to expand.

It's also partly because smaller companies in the oil and gas industry find it more difficult to weather the storms of volatile prices and tight credit.

Bullying face-off

There's geo-politics at play as well.

With Russia still in a bullying face-off over gas supplies through Ukraine, it's a reminder of the gas price spikes that have sent wholesale markets into a tizz over the past two winters, and left retailers at the mercy of events.

Centrica, parent company for British Gas and Scottish Gas and flush with cash from a rights issue last December, is interested in acquiring Aberdeen-based Venture Production.

The company, which specialises in extracting output from North Sea reservoirs deemed uneconomic by others, has assets that could provide a more reliable source of supply for Centrica's customers.

That explains why Venture's share price has been on the rise, from a year low of 290 pence up to 813 pence at close of play on Tuesday.

Next Monday is the deadline set by the Takeover Panel for Centrica to stop toying with Venture, and either commit to a takeover bid or stand back for at least six months.

Takeover rumours

There have been exploratory talks, but the two sides have not yet found common ground on price.

Also based in Aberdeen, and also with a market capitalisation of around £1.2bn, Dana Petroleum has been the subject of takeover rumours in recent weeks, with Germany's biggest power generator, RWE.

The share price of the explorer, with North Sea and North African activities, rose sharply on 29 June, but has since fallen again.

The Wood Group has indicated it could be on the trail of acquisitions.

In the offshore services sector, small companies are struggling from the paring back of exploration budgets as a result of the oil price collapse since last summer, and that makes them all the more affordable for Sir Ian Wood's firm.

Looking attractive

On Monday, we learned of continuing concerns in that part of the sector, which could mean an opportunity for Wood, Scotland's seventh biggest company.

A survey by Subsea UK, the trade body for oil and gas services firms, found concerns about orders, backlogs of work being run down, and market conditions on track to get tougher still.

Though work is still coming from exports to Brazil and West Africa, that sheltering may be reduced, and the survey found companies are gloomy about an improvement in orders before the end of the year.

With some assets distressed as well as successful Scottish companies looking attractive, this is one sector where there may be more acquisition news to come.