Friday 30 September 2016

Europe shares rise as FedEx/TNT bid strengthens M&A fervour

Published 07/04/2015 | 09:44

A trader in Frankfurt watches the announcement as all eyes were on ECB president Mario Draghi around Europe yesterday. Reuters
A trader in Frankfurt watches the announcement as all eyes were on ECB president Mario Draghi around Europe yesterday. Reuters

European shares rose in early trading on Tuesday, as FedEx's €4.4bn bid for Dutch package delivery firm TNT Express sparked a rally in the shares of other courier companies.

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TNT stock jumped 31pc, while PostNL surged 16pc. Royal Mail added 1.7pc and Kuehne & Nagel gained 1.5pc.

Signs that corporate takeover activity was on the rise were also highlighted by French media group Vivendi's offer to buy Orange's video-sharing website Dailymotion.

At 0709 GMT, the FTSEurofirst 300 index of top European shares was up 0.6pc at 1,596.88 points, tracking a rally on Wall Street after Friday's surprisingly weak U.S. jobs data fuelled expectations the Federal Reserve could hold off longer on raising interest rates.

Reuters

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