European stocks rise on M&A, Bayer's earnings

lunes 28 de abril de 2014 06:47 GYT
 

* FTSEurofirst 300 up 0.4 pct, Euro STOXX 50 up 0.7 pct

* AstraZeneca rallies 15 pct as Pfizer says to buy firm

* Bayer jumps after posting forecast-beating results

* Only 50 pct of Europe firms meet/beat forecasts so far

By Blaise Robinson

PARIS, April 28 (Reuters) - European stocks rose on Monday as merger and acquisition moves in the pharmaceuticals sector and forecast-beating results from Germany's Bayer outweighed the impact of tensions in Ukraine.

Shares in AstraZeneca rallied 15 percent after U.S. rival Pfizer said it wanted to buy the British drugmaker in a deal potentially worth more than $100 billion. The sharp jump in the stock increased the group's market capitalisation by roughly 7.7 billion pounds, or $13 billion.

"Thanks to central banks' massive (provision of) liquidity, a lot of companies are now looking for takeover targets across the board, which is very positive for the market," said Lionel Jardin, head of institutional sales at Assya Capital in Paris.

"It helps forget about Ukraine, which seems to be slowly disappearing from investors' radar screens despite the violence. With time, investors are getting used to the crisis."   Continuación...