Bids news continues to drive Eurofirst

The European equities markets were up again on Thursday as bids rumors continue to circulate in a number of sectors. The FTSE Eurofirst 300 added 0.1 percent on the session to 1,398.00.

In the utilities sector, Endsea dropped 1.8 percent to a��34.39 after Eon raised its bid in response to Spanish conglomerate Accionaa��s purchase of 10 percent of Endsea. Acciona fell 0.1 percent to a��119.90 and Eon dropped 0.3 percent to a��92.65. Meanwhile Gas Natural, which is also said to be interested in Endsea, declined by 2.7 percent to a��29.38.

In the semiconductors sector, STMicroelectronics was 3.1 percent higher to a��13.75 on talk that it could receive bids from private equity, even though it would be a difficult purchase due to its 28 percent ownership by the Italian and French governments. That was the factor cited by Cantor Fitzgerald Euorpe as it downgraded STM to a�?sell into strengtha�?. Elsewhere in the sector, Infineon dropped 5.6 percent after it was reported that Taiwan company BenQa��s German handset unit will file for insolvency soon. Infineon is one of BenQa��s largest suppliers.

Among car and truck makers, MAN added 3.8 percent to a��65.68 after it was said that Volkswagen could offer for the company. MAN has been trying to purchase Scania, the Swedish truck maker in which VW owns a major share, but VWa��s chief executive has said he favors a deal that involves his company as well. VW dropped 0.1 percent on the news to a��67.55, but Scania added 1.4 percent to SKr439. Elsewhere in the sector, Renault was 0.8 percent higher to a��90.55 on positive broker comments, while Peugeot dropped 2.8 percent to a��44.57 on lower sales volumes in July and August.


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