European shares buoyed by Vodafone bid talk
LONDON, April 2
LONDON, April 2 (Reuters) - European shares rose on Tuesday, boosted by Vodafone on rumours of a multi-billion-pound break-up bid for the UK telecoms group.
Vodafone advanced 3.4 percent after a report that said U.S. joint venture partner Verizon Communications and AT&T had been working together on a joint bid for the British group. Vodafone declined to comment.
"If Verizon and AT&T came in with a break-up bid for Vodafone, that would be a classic example of exactly the kind of (cross-border M&A) thesis which we think is coming over the (next) months," Exane BNP Paribas's head of equity strategy, Ian Richards, said.
"Anything such as this which helps investors really focus on the underlying value appeal and what something is intrinsically worth, I think, is clearly good news for share prices."
The FTSEurofirst 300 provisionally closed up 1.3 percent, or 15.02 points, at 1,203.94 points, with Vodafone accounting for nearly 1 point of the index's rise.
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