Market Update
European markets were up Monday, shrugging off weakness elsewhere in global markets after some upbeat earnings reports and more merger and acquisition news.
The FTSE was up 0.3%. The CAC 40 Paris added 0.5% while the German DAX gained 0.8%.
The gains came despite escalating tensions in Ukraine and with the U.S. and G7 nations set to step up sanctions against Russia.
Stocks on the Move
AstraZeneca PLC zoomed 15% after U.S. competitor Pfizer said it wants to buy the British company for more than $100 billion.
Reckitt Benckiser was down 2% amid reports the company is one among the final contenders along with Bayer to buy Merck’s consumer healthcare unit for close to $14 billion.
Bayer was up 4.8% after reporting forecast-beating results. Bloomberg also reported the company is exploring the sale of its own $10 billion plastics unit.
Siemens AG was down 2.2% after it said it was considering an asset swap with Alstom.
Over in Paris, Alstom traded flat. The company has received an offer from General Electric for its power arm.
Total SA was up 0.8%. French daily Los Echos reported the oil major has put its LPG gas unit, Totalgaz, up for sale.
Elsewhere, Swiss cement major Holcim edged up 0.2% after reporting results.