Europe shares rise as FedEx/TNT bid feeds M&A fever

martes 7 de abril de 2015 10:31 GYT
 

* FTSEurofirst 300 up 1.6 pct in afternoon trade

* France's CAC, Italy's MIB, Spain's IBEX hit multi-year highs

* Euro zone manufacturing data boosts sentiment

By Francesco Canepa and Blaise Robinson

LONDON/PARIS, April 7 (Reuters) - European shares rose on Tuesday as FedEx's 4.4 billion euro ($4.8 billion) bid for Dutch package delivery firm TNT Express prompted a rally in the shares of other postal companies.

The mood was further brightened by data showing manufacturing activity across the euro zone accelerated faster than previously thought last month, adding to signs the bloc's economy is recovering.

TNT stock jumped 28.9 percent, while PostNL -- TNT's largest shareholder -- surged 12.7 percent. PostNL has said it would sell its 14.7 percent stake to FedEx.

Royal Mail, Deutsche Post and Kuehne & Nagel gained 1.4-2.5 percent.

"The price seems fair based on our EVA (economic value added) acquisition model," analysts at ING wrote in a note, adding the deal could allow PostNL to pay a dividend in 2016.   Continuación...