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European shares rebound, AMS bid for Osram puts M&A in focus

Published 12/08/2019, 08:34
Updated 12/08/2019, 08:40
© Reuters.  European shares rebound, AMS bid for Osram puts M&A in focus
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(For a live blog on European stocks, type LIVE/ in an Eikon
news window)
Aug 12 (Reuters) - European shares bounced back on Monday
after a tumultuous week highlighted by U.S.-China trade tensions
and Italy's political turmoil, with a bidding war for German
lighting group Osram possibly heating up deal-making in the
region.
The pan-European index STOXX 600 .STOXX climbed 0.8% and
all sub-sectors rose, but trading remained thin as most key
markets in Asia were shut for holiday.
The bidding war for Osram OSRn.DE got more intense after
Swiss-listed sensor specialist AMS AMS.S said it was ready to
pay 10% more than Bain Capital and Carlyle CG.O . Osram shares were up 10%, while AMS shares fell 9%.
Shares of oil and gas explorer Tullow Oil Plc TLW.L jumped
15% after it announced a major oil discovery in the Orinduik
block in Guyana. Worries of the prolonged U.S.-China trade spat, however,
still hovered over markets - with no sign of a truce in sight.
Goldman Sachs over the weekend warned that a trade deal was
unlikely before the 2020 U.S. presidential election.

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