LONDON, April 11: Europe's main stock markets advanced on Wednesday, as investors focused on takeover news after slim pickings overnight on Wall Street and earlier in Tokyo, analysts said.
In late morning trade, London's FTSE 100 index of leading shares rose 0.21 per cent to 6,431.40 points, Frankfurt's DAX 30 gained 0.34 per cent to 7,191.16 points, and in Paris the CAC 40 added 0.36 per cent to 5,787.14.
The DJ Euro Stoxx 50 index of eurozone blue chip shares won 0.40 per cent to 4,318.50 points.
The euro stood at 1.3425 dollars. Wall Street shares had closed slightly higher Tuesday as the first quarter earnings season began, with investors displaying caution ahead of a flurry of reports from corporate America. Overnight, US aluminum giant Alcoa published a strong set of first-quarter results.
Anglo-Swiss mining company Xstrata revealed Wednesday that it would sell its aluminium operations to US private equity group Apollo Management for $1.15 billion (857 million euros).
Xstrata saw its share price rally 2.10 per cent to 2,815 pence in London.
In Frankfurt, Puma shares leapt 1.88 per cent to 350.40 euros after the German maker of sportsgear hinted that a higher takeover bid from French luxury goods group PPR was possible.
On Tuesday, PPR, the owner of Gucci and Yves Saint Laurent, said it was offering 330 euros per share or 5.3 billion euros in all for Puma after acquiring a stake of 27.1 per cent in the sports shoe maker. In Paris, PPR shares dived 1.78 per cent to 130.66 euros.
Back in London, shares in Alliance Boots soared 1.30 per cent to 1,048.5 pence on the prospect of a bidding war for the group, the biggest pharmacy chain in Europe.
In US deals on Tuesday, the Dow Jones Industrial Average finished up a modest 0.04 per cent at 12,573.85 points, while the Nasdaq composite closed 0.34 per cent higher at 2,477.61 points.
The Standard and Poor's 500 broad-market index ended up 0.26 per cent at 1,448.39.
Hong Kong's key Hang Seng Index closed up 0.50 per cent at 20,449.43 points as another strong finish on China's A-share bourses helped the market reverse modest losses earlier due to profit-taking, dealers said.
Shanghai's benchmark Shanghai Composite Index, which covers A and B-shares, closed up 1.48 per cent at 3,495.22 points.—AFP
