Stocks

European shares rise but Electrolux slumps as GE deal fails

Reuters London | Updated on January 22, 2018 Published on December 07, 2015

European shares rose on Monday to climb back from three-week lows reached last week, although Electrolux slumped after its deal to buy General Electric’s appliance business fell through.

GE terminated the $3.3-billion agreement, which had faced scrutiny from US authorities, with the US Department of Justice asking a federal court in July to stop the deal due to concerns it could push up prices for consumers.

Electrolux fell 14.7 per cent, underperforming a 0.5 per cent gain in the pan-European FTSEurofirst 300 index.

The broader European stock markets were supported by a rise in major healthcare stocks, with Novartis advancing on positive results for a leukemia-treatment drug, while investment bank Jefferies has increased its price target on stocks such as GlaxoSmithKline, Roche and Sanofi.

France’s benchmark CAC-40 index also advanced 0.7 per cent, shrugging off any impact from a historic win in regional elections on Sunday for the country’s far-right National Front party.

Published on December 07, 2015
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