European shares rebound, AMS bid for Osram puts M&A in focus
Reuters
Published Aug 12, 2019 08:36
European shares rebound, AMS bid for Osram puts M&A in focus
(Reuters) - European shares bounced back on Monday after a tumultuous week highlighted by U.S.-China trade tensions and Italy's political turmoil, with a bidding war for German lighting group Osram possibly heating up deal-making in the region.
The pan-European index STOXX 600 (STOXX) climbed 0.8% and all sub-sectors rose, but trading remained thin as most key markets in Asia were shut for holiday.
The bidding war for Osram (DE:OSRn) got more intense after Swiss-listed sensor specialist AMS (S:AMS) said it was ready to pay 10% more than Bain Capital and Carlyle (O:CG).
Osram shares were up 10%, while AMS shares fell 9%.
Shares of oil and gas explorer Tullow Oil Plc (L:TLW) jumped 15% after it announced a major oil discovery in the Orinduik block in Guyana.
Worries of the prolonged U.S.-China trade spat, however, still hovered over markets - with no sign of a truce in sight. Goldman Sachs (NYSE:GS) over the weekend warned that a trade deal was unlikely before the 2020 U.S. presidential election.
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Written By: Reuters
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