August 12, 2019 / 7:37 AM / 3 months ago

European shares rebound, AMS bid for Osram puts M&A in focus

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Aug 12 (Reuters) - European shares bounced back on Monday after a tumultuous week highlighted by U.S.-China trade tensions and Italy’s political turmoil, with a bidding war for German lighting group Osram possibly heating up deal-making in the region.

The pan-European index STOXX 600 climbed 0.8% and all sub-sectors rose, but trading remained thin as most key markets in Asia were shut for holiday.

The bidding war for Osram got more intense after Swiss-listed sensor specialist AMS said it was ready to pay 10% more than Bain Capital and Carlyle.

Osram shares were up 10%, while AMS shares fell 9%.

Shares of oil and gas explorer Tullow Oil Plc jumped 15% after it announced a major oil discovery in the Orinduik block in Guyana.

Worries of the prolonged U.S.-China trade spat, however, still hovered over markets - with no sign of a truce in sight. Goldman Sachs over the weekend warned that a trade deal was unlikely before the 2020 U.S. presidential election. (Reporting by Agamoni Ghosh in Bengaluru; Editing by Bernard Orr)

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