Telecoms M&A helps European shares to fresh 7-year highs

lunes 2 de marzo de 2015 05:01 GYT

* FTSEurofirst 300 up 0.2 pct, sets fresh 7-year high

* Altice, Numericable surge after Vivendi sells stake

* Telecom Italia also boosted by Orange speculation

By Francesco Canepa

LONDON, March 2 (Reuters) - Europe's top European indexes made fresh multi-year highs on Monday as a boost from merger activity in the telecoms sector more than offset falls in media group Vivendi.

The French media group said on Friday it had agreed to sell its remaining stake in telecoms company Numericable-SFR to Altice at 40 euros per share, well below Numericable-SFR's share price of 55.40 euros on Friday.

Shares in Altice surged 9.9 percent to be the top riser on the FTSEurofirst 300 index of pan-European shares, which was up 0.2 percent at 1,565.83 points at 0839 GMT.

Numericable's shares were up 5.5 percent while Vivendi fell 5.5 percent to the bottom of the index despite announcing a share buyback and dividend.

The group plans a share buyback worth 2.7 billion euros at a maximum purchase price of 20 euros per share.   Continuación...