Syngenta surges as European shares edge higher
LONDON, June 24 (Reuters) - European shares rose on Tuesday, buoyed by new signs of corporate takeover activity with agrochemicals company Syngenta surging on a media report that peer Monsanto had considered buying it.
The pan-European FTSEurofirst 300 index rose 0.2 percent to 1,391.68 points, recovering from a 0.5 percent decline in the previous session and putting the index back in sight of a 6-1/2 year high of 1,399.62 points reached last week.
Swiss group Syngenta rose 5.7 percent following a Bloomberg report that Monsanto had considered buying it. A spokesman for Syngenta was not immediately available for comment.
Mark Burgess, chief investment officer at Threadneedle Investments, said that a pick-up in mergers and acquisition (M&A) activity would support the region's stock markets.
"Our outlook for equity markets for the remainder of the year is positive. M&A has made a welcome return in recent months," said Burgess. (Reporting by Sudip Kar-Gupta; Editing by Blaise Robinson)
© Thomson Reuters 2016 All rights reserved.