Market Update
European markets gained Tuesday as they returned from the Easter break and as a couple of big-deal merger and acquisition news hogged the spotlight.
The FTSE was up 0.9%. The CAC 40 Paris added 0.7% while the German DAX gained 1.1%.
Oil prices remained at high levels on continued tensions over Ukraine.
Stocks on the Move
AstraZeneca PLC surged 6.6% in London after The Sunday Times said U.S. pharma major Pfizer had approached its British rival for a 60 billion pound takeover. Both companies have not commented on the report so far.
GlaxoSmithKline was up 5.4% after it sold its oncology unit to Swiss firm Novartis for $14.5 billion. GSK is also to buy the Basel-based company’s vaccines business, excluding flu, for $7.1 billion plus royalties.
Over in Switzerland, Novartis gained 2.4% after it said it would dispose its animal health business in a separate transaction to NYSE-listed Eli Lilly for $5.4 billion cash.
In Amsterdam, Philips fell about 7% after it reported a bigger-than-expected fall in quarterly operating profit.
Hotelier Accor SA was down 0.6% after it said second-quarter revenue would continue to be depressed same as the first quarter due to difficulties in its core French market.