February 13, 2017 / 8:27 AM / a year ago

European shares up as mining sector hits 2-year high

MILAN, Feb 13 (Reuters) - European shares rose for a fifth consecutive session on Monday with mining stocks rallying to their highest in two years and a half on stronger copper prices and takeover offers sending German drugmaker Stada to a record high.

The STOXX 600 rose 0.3 percent, getting very close to its January peak when the pan-European index hit its highest level since end-2015. UK’s FTSE was up 0.1 percent.

Europe’s Basic Resources index rose as much as 2.4 percent to hit its highest level since August 2014 after London copper extended gains to hit its highest in 20 months in heavy trade on Monday, driven up by supply worries.

Stada was the biggest gainer on the STOXX, up 14.6 percent. The company said over the weekend it had received two offers for the acquisition of the company, one of which is private equity group Cinven Partners LLP.

Top loser in Europe was Swedish defence firm Saab AB . Its shares fell 2.4 percent after its quarterly operating profit fell short of expectations. (Reporting by Danilo Masoni; Editing by Vikram Subhedar)

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