* FTSEurofirst 300 up 0.1 pct, FTSE 100 up 0.3 pct
* Shire up 13 percent as AbbVie confirms rejected bid
* Telenor falls as Norway plans stake reduction
By Francesco Canepa
LONDON, June 20 A rally in drugmaker Shire
helped European bourses hold onto gains on Friday on news the
British firm had been the target of a takeover bid from U.S.
Shares in Shire rose 13 percent to 42.31 pounds
after AbbVie confirmed it had made a bid approach, which was
rejected by Shire's board.
AbbVie said its final indicative offer was worth 46.26
pounds, adding talks are no longer ongoing.
Shire has been seen as a prime takeover target for U.S.
drugmakers thanks to a mid-sized market value and its tax base
in Ireland, where effective corporate tax rates are among the
lowest in the world.
"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 0.8 points to the pan-European
FTSEurofirst 300, which was up 1.3 points, or 0.1
percent, at 1,396.91 points at 0743 GMT.
The index, which hit a 6-1/2 year high on Thursday, was on
track for its 10th consecutive weekly gain, extending its
longest winning run since August 2012.
Among top fallers was Norway's Telenor, down 2.3
percent after the country's trade minister said the government
would ask parliament for the right to cut its stake in the
telecommunications company and industrial group Kongsberg
State-controlled French utility EDF fell 1.3
percent, down for a second day as analysts at UBS and Natixis
cut their target price on the stock in light of the government's
decision to scrap a planned increase in electricity prices.
"The 2013 re-rating of EDF was to a large extent driven by a
change in investor perception, because the regulatory
environment seemed to become more reliable and predictable," UBS
analysts wrote in a note.
"Therefore, the cancellation of the already agreed tariff
hike could lead to an increased risk perception on lower
Around Europe, the Euro STOXX 50 index of euro
zone blue chips was down 0.1 percent while Britain's FTSE
added 0.3 percent.
Europe bourses in 2014: link.reuters.com/pap87v
Asset performance in 2014: link.reuters.com/gap87v
Today's European research round-up
(Reporting by Francesco Canepa; Editing by Alison Williams)