European shares edge higher, Telecom Italia gains
LONDON, Sept 9 (Reuters) - European shares edged higher in early trading on Tuesday, with Telecom Italia gaining after some interest in its Brazil unit and ABB rallying after unveiling a plan to buy back shares.
Telecom Italia rose 3 percent after news that Mexico's America Movil plans to hold talks with Brazil's Oi SA over joining its bid to buy wireless operator Tim Participacoes SA. Tim is majority-owned by Telecom Italia.
Swiss engineering group ABB rose 2.7 percent after saying it will buy back $4 billion of shares, offering a sweetener to investors as it set out lower mid-term sales and profit targets in the face of modest economic growth.
The FTSEurofirst 300 index of top European shares was up 0.1 percent at 1,391.99 points at 0718 GMT.
On the downside, L'Oreal fell 2.4 percent after the group's Chief Executive Jean-Paul Agon cut his forecast for full-year growth in the global cosmetics market to between 3 percent and 3.5 percent from between 3.5 percent and 4 percent. (Reporting by Atul Prakash; editing by Blaise Robinson)
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