LONDON, June 20 A rally in drugmaker Shire
helped European bourses hold onto recent gains on Friday on news
the British drugs maker had been the object of a takeover bid
from U.S. rival AbbVie.
Shares in Shire rose 13 percent after AbbVie
confirmed it had made a bid approach for the British group,
which was rejected by Shire's board. It said talks were no
"I'd probably take some profit there and then go back in,"
said Mike Reuter, a broker at Tradition. "The stock won't crash.
It's an M&A candidate and I think there will be an offer,
Shire's stock added 0.9 points to the pan-European
FTSEurofirst 300, which was up 1.1 points, or 0.1
percent at 1,396.53 points at 0711 GMT.
The index, which hit a 6-1/2 year high on Thursday, was on
track for its tenth consecutive weekly gain, extending its
longest winning run since August 2012.
(Reporting By Francesco Canepa; editing by Blaise Robinson)