Telenet, KPN lead European shares higher after Belgian deal

lunes 20 de abril de 2015 04:01 GYT
 

* FTSEurofirst 300 up 0.6 pct

* Telenet, KPN lead rise after Belgian deal

* BP Milano boosted by merger speculation

* China stimulus lifts miners

By Francesco Canepa

LONDON, April 20 (Reuters) - European shares edged higher early on Monday, led by the telecoms sector after Telenet's move to buy KPN's mobile telephony unit in Belgium.

Belgium's Telenet, a subsidiary of cable company Liberty Global, rose 4 percent after agreeing to acquire KPN's BASE Company for 1.33 billion euros ($1.4 billion), sending shares in the Dutch firm up 2.4 percent.

The deal will create a stronger operator in Belgium's mobile market as fixed and mobile telecom services converge, with estimated sales of 2.4 billion euros and adjusted operating earnings of 1.1 billion euros, Telenet said in a statement.

"It seems pretty good for both," Michael Bishop, an analyst at RBC Capital Markets, said. "A slightly higher price for KPN than had been speculated and slightly better synergies compared to market expectations for Telenet."   Continuación...