European shares open slightly higher, Volkswagen up

lunes 9 de mayo de 2016 03:18 GYT
 

(ADVISORY- Reuters plans to replace intra-day European and UK stock market reports with a Live Markets blog on Eikon - see cpurl://apps.cp./cms/?pageId=livemarkets for site in development. See the bottom of the report for more details)

* FTSEurofirst 300 up 0.3 pct

* Volkswagen rises after activist investor move

* Brenntag slumps after profit drop

MILAN, May 9 (Reuters) - European shares rose in early trading on Monday, helped by gains in German car maker Volkswagen.

Volkswagen rose 2.4 percent, topping gainers on Frankfurt's DAX, after activist investor TCI demanded the German carmaker overhaul its "excessive" executive pay scheme as part of a plan to boost profits and end years of "mismanagement".

The pan-European FTSEurofirst 300 index was up 0.3 percent by 0714 GMT.

Among top fallers, Brenntag fell 5 percent after reporting a 27 percent drop in first-quarter net profit due to a massive devaluation of the Venezuelan bolivar.

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