M&A activity drives European shares higher, led by Fugro

lunes 10 de noviembre de 2014 13:31 GYT
 

* FTSEurofirst 300 rises 0.7 pct

* Fugro leads industry rally as Boskalis takes stake

* Portugal Telecom, Nutreco boosted by bids

* Carlsberg gains as quarterly results reassure

By Francesco Canepa

LONDON, Nov 10 (Reuters) - European stocks rose on Monday, boosted by acquisition activity in the oil services industry, where Dutch group Boskalis took a stake in Fugro, and in the telecoms and food sectors.

Fugro jumped 49 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 some of Fugro's top competitors, TGS Nopec and Polarcus 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.   Continuación...