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LONDON, May 26 (Reuters) - European equity futures rose on Monday, as investors shrugged off the victory of France’s anti-immigration National Front party in European Parliament elections, and focused instead on the fact that the majority of seats would be held by parties supporting the European Union.
The June futures contract for the euro zone’s blue-chip Euro STOXX 50 index was up by 0.3 percent by 0620 GMT. Germany’s DAX futures contract was also up by 0.3 percent while France’s CAC futures contract advanced by 0.2 percent.
Eurosceptic nationalists scored stunning victories in European Parliament elections in France and Britain on Sunday as critics of the European Union more than doubled their seats in a continent-wide protest vote against austerity and unemployment.
French Prime Minister Manuel Valls called the breakthrough by Marine Le Pen’s anti-immigration, anti-euro National Front in one of the EU’s founding nations a political “earthquake”.
In Greece, the radical left anti-austerity Syriza movement of Alexis Tsipras won the vote but failed to deliver a knockout blow to Prime Minister Antonis Samaras’ government.
However, even though the number of Eurosceptic members will more than double in the European Parliament, initial results from around the 28-nation bloc showed the pro-European centre-left and centre-right parties will keep control of around 70 percent of the 751-seat EU legislature.
Clairinvest fund manager Ion-Marc Valahu said many investors had been expecting the Front National to do well in the French vote, and added that equity markets would be supported by gains in Wall Street and Asia, and by a decisive win for billionaire Petro Poroshenko in Ukraine’s presidential election.
“The result in France had been expected by many, and the gains in Asia and Wall Street are helping the European markets,” said Valahu.
Europe bourses in 2014: (link.reuters.com/pad95v)
Asset performance in 2014: (link.reuters.com/rav46v) ------------------------------------------------------------------------------ > Asian shares hit 1-year high on Wall St rally, Ukraine vote > US STOCKS-S&P 500 ends at record on housing, HP; transports fly > Nikkei hits one-month high on Wall St rally; financials shine > TREASURIES-Bond prices rise on Greece, Ukraine elections worries > FOREX-Euro wallows near lows, ECB Draghi speech awaited > PRECIOUS-Gold steady below $1,300 as Ukraine elections eyed > METALS-Shanghai copper rises to 3-month peak in holiday-thinned trade > Brent slips near $110 after Ukraine election
Atos said it had agreed to buy Bull on Monday in an all-French takeover deal worth 620 million euros ($845.2 million) aimed at creating an international information company that would be Europe’s biggest in cloud operations and a leading cybersecurity player.
Credit Suisse’s Chief Executive Brady Dougan told a Swiss Sunday newspaper he has no plans to step down and his bank would not need a capital increase despite a $2.5 billion deal with U.S. authorities over a tax dispute.
The German government intends to retain its stake in Commerzbank until at least 2016 in the hope of getting a more favourable price, magazine Spiegel reported on Sunday, adding Berlin had already turned away some interested parties.
Swedish medical technology firm Getinge said on Sunday it would postpone its planned update to investors on May 27 due to discussions with the United States Food and Drug Administration.
French water and waste group Veolia is eyeing a slice of the German market for the dismantling of nuclear plants and has entered talks with potential partners, the head of the company’s operations in Germany told a magazine.
A top Greek court has blocked the planned privatisation of the country’s biggest water utility Athens Water, the semi-official Athens News Agency (ANA) reported on Sunday, on the grounds the sale could put public health at risk. (Reporting by Sudip Kar-Gupta; Editing by Francesco Canepa and Jacqueline Wong)