Communications lifted European shares after Sunrise

Telecom stocks boosted European stocks on Wednesday (August 12th) after Liberty Global’s bid to take over Sunrise Communications, while Britain’s FTSE100 index gained on bets on domestic stimulus.

The European Stoxx600 index rose 0.2%, gaining for a fourth consecutive session.

Sunrise Communications jumped 26.8% after Liberty Global inaugurated a bid to acquire the Swiss Telecom Group in a deal valued at 6.8 billion Swiss francs, equivalent to $ 7.40 billion.

Wall Street indices fell last night due to the growing uncertainty about a faltering in Washington regarding a financial stimulus agreement, while data showed Britain’s economy contracted by a record 20.4% between April and June, which is the largest contraction announced by any major economy so far.