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Europe: Stocks inch higher, Parmalat soars

Tuesday, December 27, 2016 - 17:28

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{MILAN] European shares inched higher in early deals on Tuesday as trading in some markets resumed after a Christmas break, with Parmalat soaring after its French owner announced a buyout of the Italian dairy group.

By 0817 GMT, the pan-European Stoxx 600 index was up 0.2 per cent. Germany's DAX and France's CAC both had gains of around 0.1 per cent while the UK market remained closed.

Parmalat rose 9.7 per cent, surging above the 2.80 euros offer price lodged by France's Lactalis to buy up shares in the group that it does not already own.

All sectors traded in positive territory, with banks lagging after the ECB told Italy's Monte dei Paschi it needed to plug a capital shortfall of 8.8 billion euros (S$13.324 billion), higher than a previous estimate of five billion euros.

Trading in Monte Paschi is suspended until conditions of a state bailout become clear.

REUTERS

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