M&A in telecoms helps keep Europe stock rally alive
PARIS, Sept 12
PARIS, Sept 12 (Reuters) - European shares inched higher in early trade on Thursday, as mergers and acquisitions in the buoyant telecom sector helped keep the market's rally alive.
At 0705 GMT, the FTSEurofirst 300 index of top European shares was up 0.1 percent at 1,248.64 points, while the euro zone's blue-chip Euro STOXX 50 index was up 0.03 percent at X2,864.21 points, the index's highest level since mid-2011.
London's FTSE 100 was flat at 6,589.27 points.
Among the top gainers, France's Vivendi rose 3 percent after saying it aimed to decide early next year on whether to spin off its telecoms unit SFR, while Dutch telecoms firm KPN added 1.7 percent after saying it was in talks with America Movil over the latter's proposed takeover offer.
"M&A deals are a sign that companies are regaining confidence in the future, which is good news for the investment cycle, especially now that balance sheets are pretty healthy," Nathalie Renson, chief investment officer at Primonial AM, said.
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