(Live coverage of European markets now available on cpurl://apps.cp./cms/?pageId=livemarkets)
MILAN Dec 16 European shares were set for a
second straight week of gains with benchmark indexes holding
near 11-month highs, with takeover expectations lifting
Actelion to fresh record highs.
The pan-European STOXX 600 index was up 0.1 percent
by 0816 GMT helped by gains among pharma and oil
The index has gained almost 6 percent in the past two weeks
boosted by a rally in banking stocks on expectations that rising
yields would ease margin pressure and a further underpinned by
the strengthening of the dollar.
Actelion rose more than 8 percent, making it the biggest
gainer on the STOXX. People close to the matter cited by
Bloomberg said French rival Sanofi is discussing a
price of about $275 per share to take over the Swiss drugmaker
in a deal that could come as soon as next week.
Sanofi was down 0.8 percent.
Banks were on the back foot, down 0.3 percent, after
hitting their highest since January on Thursday.
(Reporting by Danilo Masoni, Editing by Vikram Subhedar)