STOCKS NEWS EUROPE-Carrefour climbs on cost cutting hopes

Shares in Carrefour (CARR.PA) climb as much as 4.2 percent to 31.08 euros after France's Le Figaro newspaper says Chief Executive Lars Olofsson is working on a plan that could cut costs by around 2 billion euros ($2.8 billion) by 2012.

The world's second biggest retailer, which said in March it planned to make 500 million euros of cost savings this year, is not immediately available for comment.

"These numbers are ambitious but credible," Natixis analysts say in a research note, adding they could help buoy the shares ahead of an investor day next week.

Israeli holding company Koor Industries Ltd (KOR.TA) is planning to invest up to 3.5 billion shekels ($886 million) in France's Carrefour, a market source told Reuters on Monday. [ID:nLM694262]

Reuters Messaging: rm://mark.potter.reuters.com@reuters.net ($1=.7216 Euro)