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European shares inch higher, Parmalat soars
December 27, 2016 / 8:30 AM / a year ago

European shares inch higher, Parmalat soars

(Live coverage of European markets now available on cpurl://apps.cp./cms/?pageId=livemarkets)

MILAN, Dec 27 (Reuters) - 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 percent. Germany’s DAX and France’s CAC both had gains of around 0.1 percent while the UK market remained closed.

Parmalat rose 9.7 percent, 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, higher than a previous estimate of 5 billion euros.

Trading in Monte Paschi is suspended until conditions of a state bailout become clear. (Reporting by Danilo Masoni; editing by John Stonestreet)

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