Europe energy shares rally on proposed Shell-BG deal
PARIS, April 8 (Reuters) - European shares rose in early trading on Wednesday, led by a rally in energy shares after Royal Dutch Shell agreed to buy BG Group for 47 billion pounds ($70 billion) in the first oil super-merger in a decade.
Shares in BG jumped 39 percent, while Tullow Oil soared 9.8 percent, BP gained 4.4 percent, Repsol added 2.4 percent and Total climbed 0.9 percent.
"The deal is done on a net asset value basis, and the good price tag is set to trigger some re-rating across the whole sector," a Paris-based trader said.
At 0710 GMT, the FTSEurofirst 300 index of top European shares was up 0.2 percent at 1,613.95 points, after rising 1.6 percent on Tuesday. (Reporting by Blaise Robinson; Editing by Lionel Laurent)
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