Economic news

European shares gain as restructure of German energy industry looms

European stocks touched their top in near two weeks on Monday, supported by gains among German utilities after the sector’s major companies announced a large restructure of the energy industry.

Photo: Reuters

The pan-European STOXX 600 index inched up 0,2%, to 379,08.

Frankfurt’s DAX rose 0.7 percent.

France's CAC 40 jumped 0.5% to 5,297.83, while the UK's FTSE 100 surged 0.4% to 7,253.62.

Shares in Innogy leaped 12 percent after parent RWE agreed to sell 76.8 percent of its arm to rival E.ON for 22 billion euro.

Shares of GKN picked up 2.5% after Melrose raised its takeover bid by 9.5%, to 8.1 billion pounds ($11.2 billion).

Deutsche Bank shares edged up 0.5%. The largest German bank intends to raise as much as 1.8 billion euros ($2.2 billion) in an initial public offering of its asset-management division.

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