Stronger telecoms on M&A boost help European shares

miércoles 20 de mayo de 2015 10:23 GYT

* FTSEurofirst 300 up 0.3 pct after previous day's rebound

* Altice surges 11 pct on Suddenlink bid, Vodafone also gains

* UBS gets lift after forex probe settlement, fine

* Burberry shares slide on guidance cut

By Atul Prakash and Lionel Laurent

LONDON, May 20 (Reuters) - European shares edged higher on Wednesday, extending the previous session's gains, with the telecoms sector getting a big lift from deal-making and takeover talk.

The pan-European FTSEurofirst 300 index was up 0.3 percent at 1,610.88 points at 1408 GMT, holding on to gains driven on Tuesday by speculation the European Central Bank's bond-buying plan could be rolled out more aggressively than expected.

French telecoms group Altice surged 11 percent after it agreed to buy Suddenlink in a $9.1 billion deal to enter the fast-growing U.S. cable sector. Altice's French rivals Orange and Bouygues fell about 1.5 percent.

"The whole of U.S. cable is a turnaround story. (Altice's) USP is doing turnarounds with leverage. Not without risk, but the value potential is very high," Gary Paulin, founding Partner of Aviate Global, said.   Continuación...