European stocks rise on Telecoms buyout offer for Sunrise

Telecoms stocks lifted European bourses on Wednesday after Liberty Global launched a buyout offer for Sunrise Communications. Meanwhile, London’s FTSE 100 rose on bets of domestic stimulus following a decline in economic output for the second quarter.

The pan-European STOXX 600 climbed 0.2%, its fourth straight day of gains.

Sunrise Communications rose 26.8% after Liberty Global released a buyout offer for a 6.8 billion Swiss francs deal.

Wall Street indexes declined overnight due to a growing uncertainty on the deadlock in Washington over a coronavirus stimulus package deal, while Britain’s economy contracted by a record 20.4% in the period April to June.

London-listed shares of European firm Just Eat Takeaway.com NV also climbed 3.3% after reporting higher revenue and underlying profit for the first two quarters of 2020.

British online fashion retailer ASOS surged 9.9% as it predicted full-year sales and profit ahead of analysts’ expectations.