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Bumper M&A deal pushes Britain's FTSE higher
July 29, 2013 / 7:21 AM / 4 years ago

Bumper M&A deal pushes Britain's FTSE higher

LONDON, July 29 (Reuters) - A proposed mega-merger between global ad agencies Publicis and Omnicom buoyed leading UK peer WPP on Monday to help keep Britain’s top share index near two-month highs.

Elsewhere, U.S. generic drugmaker Perrigo agreed to buy Ireland’s Elan for $8.6 billion, while UK insurer Aviva is in talks over a deal to expand in Asia, a weekend newspaper report said.

The FTSE 100 was up 34.73 points, or 0.5 percent at 6,589.52, by 0708 GMT.

The index is hovering near 8-week highs, although the recent rally of more than 9 percent since June lows showed signs of running out of steam but a fresh blast of M&A could help underpin those gains.

“Markets will continue to push higher, helped particularly by the $35 billion merger of Publicis and Omnicom, Aviva’s push into Indonesia, and Perrigo’s bid for Elan boosting market sentiment,” Mark Ward, head of trading at Sanlam Securities, said.

The world’s no.1 ad agency WPP topped the list of FTSE 100 risers, up 4 percent after French peer Publicis and U.S. firm Omnicom announced a $35.1 billion merger. (Reporting by David Brett; editing by Simon Jessop)

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