LONDON, Sept 5 European shares climbed to a
four-month high on Monday, with telecom company SFR
leading the gainers after Altice made an exchange offer for
remainder of SFR shares.
SFR shares surged 6.7 percent after rival French telecoms
group Altice said it planned to simplify its ownership
structure by exchanging its shares for the outstanding 22.25
percent of shares of SFR it does not already own.
Shares in Altice were also up by 4.7 percent, with the STOXX
Europe 600 Telecoms index up by 0.4 percent.
Swiss software maker Temenos also rose 4.4 percent
after Credit Suisse raised its stance on the stock to
"outperform" from "neutral", saying it expected the company to
continue to surprise on the upside in the coming quarters,
including an increase of the 2016 guidance.
The pan-European STOXX 600 index was up 0.1 percent
at 0723 GMT, after setting its highest level since late April.
The STOXX 600 also built on a 2 percent rise in the previous
session when weaker-than-expected U.S jobs data led investors to
pare back bets on an imminent U.S. interest rate hike.
(Reporting by Atul Prakash; Editing by Sudip Kar-Gupta)