European Markets Rise On M&A Activities - European Commentary

(RTTNews) - The European markets rose for the first time in three days on Monday, as a slew of corporate deals on both sides of the Atlantic lifted investor sentiment.

Crude for November delivery rose as high as $67.54 a barrel on the New York Mercantile Exchange, as as U.S. stocks rallied and news emerged that Iran was test-firing missiles.

In today’s deal news, U.S.-based Xerox said it has agreed to buy Affiliated Computer Services in a $6.4 billion cash-and-stock deal. Abbott Laboratories said it would buy the pharmaceutical unit of Belgian plastics and chemical giant Solvay in a $6.6 billion deal and Johnson & Johnson said it has bought an 18% stake in Dutch biotech firm Crucell.

The FTSEurofirst 300 index of pan-European blue chips closed 1.78% higher at 1,001.42 points, while the narrower DJ Stoxx 50 index rose 2.00% to 2,469.68 points.

Around Europe, the U.K.’s FTSE 100 index rose 1.70% to 5,165.70, while France’s CAC 40 index surged up 2.30% to 3,825.00 and Germany’s DAX index climbed 2.78% to 5,736.31.

French chemical maker Arkema climbed 7% and Belgium’s Umicore surged up 3.9% after Solvay, which agreed to sell its drug unit to Abbot, said it is already studying opportunities for expanding remaining chemical and plastics operations through acquisitions.

AstraZeneca, Britain’s second biggest drugmaker, rose 3% on market talk that Swiss rival Novartis could be considering a takeover offer.

Wolseley, the world’s biggest supplier of heating and plumbing equipments, jumped 11% after the company reduced its debt faster than analysts expected and said a decline on profits will slow next year.

Heavily weighted oil stocks edged higher after crude oil prices advanced. BP, Europe’s biggest oil company, added 0.3%, while Royal/Dutch Shell, the second biggest, rose 0.9% and Total, the third biggest, surged up 2.3%.

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