LONDON, June 24 A bumper takeover in the
telecoms sector helped European shares bounce on Monday after
three days of losses, although concern over the impact of
stimulus withdrawal in the United States and the health of
China's banks weighed.
Vodafone struck its biggest deal since 2007 after it
agreed to buy Germany's largest cable operator Kabel Deutschland
for 7.7 billion euros, a deal which Kabel said it
intended to recommend to share holders.
Kabel's shares rose 2 percent, while heavyweight Vodafone
was up 0.6 percent higher.
By 0706 GMT, the FTSEurofirst 300 was flat at 1.39
points at 1,132.85, having spiraled down from the year's high of
1,132.73 on May 23 exacerbated by concerns over U.S. stimulus
and China's banking system.
"The widespread complacency about the adjustment to the
tapering environment, which suggested that equities would remain
immune to the winding down of central bank support, must now
have been dispelled," Ian Williams, equity strategist at Peel
"The transition towards a more growth-driven phase of market
performance is likely to remain bumpy through the summer as the
long awaited improvement in corporate earnings has been slow to