European
stocks had their biggest two-day gain in two weeks as companies from
Bayer AG to PSA Peugeot Citroen reported better-than-estimated earnings
and deals activity intensified.
Bayer
and Peugeot rose more than 3.9 percent. GlaxoSmithKline Plc climbed 3.5
percent after the U.K.’s biggest drugmaker posted second-quarter profit
that declined less than analysts had estimated. Barclays Plc added 1.8
percent and Numericable-SFR SAS added 3 percent as profit rose.
Italcementi SpA surged 49 percent as HeidelbergCement AG said it will
buy it. The German company lost 6.3 percent.
The
Stoxx Europe 600 Index gained 1 percent to 394.01 at the close of
trading in London. It rose for the first time in six days on Tuesday
amid earnings that topped projections and takeover activity. Dealmaking
is on track for the busiest third quarter on record, with volume set to
surpass $1 trillion.
Quintain
Estates & Development Plc jumped 22 percent after a Lone Star Funds
affiliate agreed to purchase it. Solvay SA slipped 3 percent after
agreeing to acquire Cytec Industries Inc. for $5.5 billion.
Source: Bloomberg
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