European stocks rise as energy shares rally on Shell-BG deal
* FTSEurofirst 300 up 0.2 pct, energy sector index up 5.5 pct
* Total and Repsol rise after Shell's move for BG
* Car stocks underperform
By Blaise Robinson
PARIS, April 8 (Reuters) - European shares rose on Wednesday, led by a rally in energy stocks after Royal Dutch Shell agreed to buy BG Group for 47 billion pounds ($70 billion) in the first oil super-merger in a decade.
Shares in BG jumped 37 percent, while Tullow Oil soared 10.8 percent. BP gained 3.3 percent, Spain's Repsol added 1.8 percent and France's Total climbed 1.2 percent. Royal Dutch Shell fell 2.1 percent, reflecting the high premium it is paying for BG.
The STOXX energy sector index, hammered in the past year as oil prices tumbled, advanced 5.3 percent and the sector's rise enabled the pan-European FTSEurofirst 300 index to progress by 0.2 percent to 1,615.29 points.
"The sector has been ripe for consolidation given the bearish outlook for oil prices, and we could see other takeovers in the industry in the coming weeks and months. Overall, the M&A wave which is spreading to a number of sectors is very good for the market," said Saxo Bank trader Andrea Tueni.
The FTSEurofirst was close to an eight-year high while the rise in Total enabled France's CAC to stand near its highest level in around 7-1/2 years. Continuación...