Nov 22 (Reuters) – European stocks rose on Monday, driven by telecom stocks, as shares in Telecom Italia soared 20% following a $ 12 billion offer from US fund KKR to take the largest group off the stock market. phone from Italy.
The pan-European STOXX 600 index was up 0.3% at 0828 GMT, reversing Friday’s declines after Austria was re-locked by COVID-19, and neighboring Germany warned it could follow suit.
Stocks in the telecommunications sector rose 0.9% thanks to the boost of Telecom Italia shares, which rose 21.3%, to their highest level since June.
Norway’s Telenor rose 1.9% after agreeing to merge its telecommunications subsidiary with Thai group Charoen Pokphand in a transaction valued at about $ 8.61 billion.
The European benchmark index recorded its first weekly decline in seven weeks on Friday due to concerns about the impact of possible new measures and lockdowns by COVID-19 following the recent increase in infections, which affected cyclical sectors in the stock market like automakers and banks.
Renault SA added 0.4% after signing a second supply agreement with lithium developer Vulcan Energy Resources.
For its part, the manufacturer of wind turbines Vestas fell 1.4% after reporting that it suffered a cyber attack that affected its computer systems and compromised the data of the Danish company.
(Reporting by Anisha Sircar in Bengaluru; Edited by Shailesh Kuber; translated by Tomás Cobos)