Europe shares rise; Metro, Adidas sag on Russia exposure fears
* FTSEurofirst 300 up 0.3 pct
* Telenor, TeliaSonera rally after unit merger deal
* Metro, Adidas sink on worries over exposure to rouble
By Blaise Robinson
PARIS, Dec 3 (Reuters) - European stocks rose in early trading on Wednesday, with Nordic telecom operators Telenor and TeliaSonera rallying after agreeing to merge their Danish operations.
Shares in both firms gained 1.7 percent after unveiling their join-venture deal. The companies hope to save 800 million Danish crowns ($133 million) annually in efficiency gains.
Shares in Germany's sportswear firm Adidas AG and food retailer Metro featured among the top losers, hurt by worries over the two companies' exposure to Russia's troubled economy.
Metro was down 5.8 percent after JPMorgan downgraded the stock to 'underweight' from 'neutral', citing Russia.
"We are increasingly concerned about sales in local currency and margins in Russia, in addition to the very significant currency headwind," the analysts wrote in a note. Continuación...