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European shares inch higher, helped by miners, pharma stocks
April 10, 2017 / 7:29 AM / 9 months ago

European shares inch higher, helped by miners, pharma stocks

MILAN, April 10 (Reuters) - European shares were slightly higher in opening deals on Monday, helped by higher mining and healthcare stocks with Stada surging to a fresh record high after the German drugmaker backed a 5.32 billion euro offer.

By 0709 GMT, the pan-European STOXX 600 index was up 0.1 percent, while the UK’s FTSE 100 and Germany’s DAX also rose by the same amount.

Stada soared 11 percent, leading gainers on the STOXX index. The company said it had decided to support an offer from Bain Capital and Cinven for 66 euros per share, valuing the company at about 5.32 billion euros.

Top gainer among mining stocks was BHP Billiton, which gained 4.5 percent after hedge fund Elliott Advisors sent directors a plan to unlock value in the mining giant.

Weaker energy stocks and financials capped gains. (Reporting by Danilo Masoni, editing by Kit Rees)

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