Oil stocks lead European shares higher on M&A speculation

lunes 10 de noviembre de 2014 07:48 GYT
 

* FTSEurofirst 300 edges up 0.3 pct

* Fugro leads industry rally as Boskalis takes stake

* Carlsberg gains as quarterly results reassure

By Francesco Canepa

LONDON, Nov 10 (Reuters) - European stocks inched higher on Monday as acquisition hopes fuelled gains for oil services firms after Dutch group Boskalis took a stake in Fugro .

Fugro jumped 33 percent after sector peer Boskalis bought about 15 percent of its shares, which have lost more than half of their value since June.

Boskalis denied any intention of making a full bid but its surprise purchase boosted takeover hopes in the sector and sent shares in SBM Offshore and Saipem soaring.

Belt-tightening by energy majors faced with plunging oil prices has hit shares in oil services companies, driving stocks such as Saipem and Fugro to multi-year lows.

"It could be a spark for further consolidation in the industry," KBC Securities analyst, Dirk Verbiesen, said.   Continuación...