Telecoms lift European stocks after Sunrise buyout offer
Reuters
Published Aug 12, 2020 08:39
(Reuters) - Telecoms stocks boosted European bourses on Wednesday following Liberty Global's takeover offer for Sunrise Communications, while London's FTSE 100 gained on bets of domestic stimulus after a collapse in quarterly economic output.
The pan-European STOXX 600 (STOXX) was up 0.2%, gaining for a fourth straight session.
Sunrise Communications (S:SRCG) surged 26.8% after Liberty Global (O:LBTYA) launched a takeover offer for the Swiss telecoms group in a deal valued at 6.8 billion Swiss francs ($7.40 billion).
Wall Street indexes fell overnight on growing uncertainty about a stalemate in Washington over a fiscal stimulus deal, while data showed Britain's economy shrank by a record 20.4% between April and June, the largest contraction reported by any major economy so far. (N)
London-listed shares of European food-ordering firm Just Eat (LON:JE) Takeaway.com NV (L:JETJ) also rose 3.3% after reporting higher revenue and underlying profit for the first half of 2020.
British online fashion retailer ASOS (L:ASOS) jumped 9.9% as it forecast full-year sales and profit significantly ahead of market expectations.
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Written By: Reuters
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