4 MIN. DE LECTURA
* Pan-European FTSEurofirst 300 index up 0.65 pct
* Mining and energy shares among top gainers
* SABMiller up after InBev's revised offer
* Airlines down on stronger crude oil prices
By Atul Prakash and Danilo Masoni
LONDON/MILAN, Oct 7 (Reuters) - European shares rose for a fourth straight session to a one-month high on Wednesday, with SABMiller gaining after a revised offer from Anheuser-Busch InBev and commodities stocks extending recent gains.
The pan-European FTSEurofirst 300 index was up 0.65 percent after initially rising more than 1 percent to touch its highest level since early September. The euro zone's blue-chip Euro STOXX 50 climbed 0.8 percent.
Some investors said fundamentals were not driving the rally, but loose monetary policies would probably help it continue.
"The macro picture gives no reason to either buy or sell stocks, but given the low bond yields, there are few investment alternatives to equities," said Riccardo Ambrosetti, chairman of Italy's Ambrosetti Asset Management.
Low valuations and benign monetary policies should help the rebound continue throughout the quarter, Ambrosetti said. "This is our main scenario, although we don't rule out that some profit-taking could kick in in the short term".
Shares in SABMiller rose 1.6 percent after AB InBev, the world's biggest brewer, increased a bid for its rival to 42.15 pounds per share in cash. That values SABMiller at nearly 68 billion pounds ($103.63 billion).
"The brewing sector has been desperate for M&A all year and we will continue to see such attempts as margins are under pressure and consolidation is a way going forward," Lorne Baring, managing director of B Capital Wealth Management, said.
Baring said commodity shares probably saw their bottom in late September and have got a base to advance further. Even at these levels, however, owning mining stocks still presented elevated risk.
The European mining index surged 5.3 percent, up for a seventh straight day and the biggest gain of any sector. Morgan Stanley upgraded its rating on mining shares to "attractive" from "in-line". It also upgraded Rio Tinto, Bhp Billiton and Anglo American.
The energy index rose 2.7 percent on stronger metals and rising oil prices, which broke out of a month-long range after a forecast suggested a global glut may be easing.
The rise in crude oil prices hit airlines stocks, though. They also faced some selling pressure after Credit Suisse cut the sector to "equal-weight" from "overweight". IAG, Ryanair and easyJet fell 4.5 to 3.6 percent.
Britain's biggest supermarket, Tesco, was slightly higher, reversing initial losses. It had reported a 55 percent slump in first-half profits but said it was trading ahead of expectations.
"The more obviously positive pockets include the ongoing strengthening of the balance sheet," said Richard Hunter, head of equities at Hargreaves Lansdown. "The outlook is guarded and the full-year guidance unchanged, whilst currency headwinds may continue to provide additional obstacles."
Volkwagen gained 8.7 percent, rising for a third straight day. New CEO Matthias Mueller told a German newspaper the company would recall cars affected by its emissions-rigging crisis in January and complete the fix by the end of next year.
Today's European research round-up (Editing by Larry King)