M&A, upbeat results help European stocks resume rally

jueves 24 de abril de 2014 06:15 GYT
 

* FTSEurofirst 300 up 0.7 pct, Euro STOXX 50 0.8 pct

* M&A activity boosts Alstom, Scania

* Upbeat results across sectors underpin mood

* Unilever, Michelin fall as fx effects mar results

By Francesco Canepa

LONDON, April 24 (Reuters) - European shares resumed their rise on Thursday, boosted by mergers and acquisitions activity and upbeat updates from electrical gear maker Schneider Electric and oil services group Technip among others.

Shares in Alstom jumped 14.1 percent to the top of the FTSEurofirst 300 after Bloomberg reported that General Electric was in talks to buy the turbine and train maker. The French company said it had not been informed of any potential public tender offer.

Scania was the second-biggest riser, up 9.7 percent, after its fourth-largest shareholder said it would accept Volkswagen's takeover offer for the truck maker, improving prospects for the bid to go through despite strong opposition.

High corporate cash piles and a better economic outlook are fuelling M&A activity in Europe, helping shares advance in the past week and eclipsing investor concerns about tensions between the West and Russia over Ukraine.   Continuación...