At 11.51 am, the STOXX 50 added 41.23 points or 1.15 pct to 3,611.2, while the STOXX 600 rose 3.74 points or 1.06 pct to 355.58.
Deutsche Postbank added 5.39 pct, as Commerzbank supervisory board chairman Martin Kohlhaussen said his bank has always been interested in acquiring Deutsche Postbank and would be keen to submit an offer if the latter were up for sale.
Commerzbank shares were 0.77 pct higher. CNP Assurances surged 9.25 pct following a report in the French press that Axa might be mulling a takeover bid for the French life insurance group.
Societe Generale was up 2.13 pct, Credit Agricole added 3 pct and BNP Paribas moved 1.78 pct higher after Moody's rating agency said the outlook for the sector remains stable.
Other financial stocks were also higher; Aegon was up 2.33 pct and Unicredit rose 2.55 pct. Meanwhile, IKB fell 1.04 pct after a report in Boersen-Zeitung said a consortium of banks, which supplied the bank with a 3.5 bln eur risk shelter, does not wish to increase its coverage.
German financial watchdog BaFin yesterday met with IKB and KfW, as well as representatives of state-owned and municipally-owned banks, Financial Times Deutschland reported, without citing sources. Following news that IKB is considering transferring loans to Deutsche Postbank AG, concerns arose that the company may be having trouble meeting levels of liquidity demanded by German regulation, the newspaper said.
Staying with M&A news, Sonaecom SGPS and PT Multimedia advanced 3.2 pct and 3.26 pct respectively, on reports that Soneacom has been in contact with several PTM shareholders to sound out the possibilities of a friendly merger.
Vedanta stormed more than 10 pct higher mid-morning as talk emerged that the Chinese state mining company is preparing to bid for the group.
The healthcare sector continued its recovery, as Deutsche Bank said the sector is attractively valued and reiterated its 'buy' recommendations on Novartis, Roche and Astrazeneca.
Pharmaceuticals began to move higher yesterday after Citigroup upgraded the sector to 'neutral', saying most of the bad news in the sector has now been priced in. Astrazeneca added 3.9 pct. Novartis climbed 5.16 pct. Roche was up 2.31 pct.
But Philips led the STOXX 50 risers - up 4.16 pct - after Dutch MPs passed a bill doubling the limit on the amount of tax-free share buybacks a company can make.
Deutsche Postbank added 5.39 pct, as Commerzbank supervisory board chairman Martin Kohlhaussen said his bank has always been interested in acquiring Deutsche Postbank and would be keen to submit an offer if the latter were up for sale.
Commerzbank shares were 0.77 pct higher. CNP Assurances surged 9.25 pct following a report in the French press that Axa might be mulling a takeover bid for the French life insurance group.
Societe Generale was up 2.13 pct, Credit Agricole added 3 pct and BNP Paribas moved 1.78 pct higher after Moody's rating agency said the outlook for the sector remains stable.
Other financial stocks were also higher; Aegon was up 2.33 pct and Unicredit rose 2.55 pct. Meanwhile, IKB fell 1.04 pct after a report in Boersen-Zeitung said a consortium of banks, which supplied the bank with a 3.5 bln eur risk shelter, does not wish to increase its coverage.
German financial watchdog BaFin yesterday met with IKB and KfW, as well as representatives of state-owned and municipally-owned banks, Financial Times Deutschland reported, without citing sources. Following news that IKB is considering transferring loans to Deutsche Postbank AG, concerns arose that the company may be having trouble meeting levels of liquidity demanded by German regulation, the newspaper said.
Staying with M&A news, Sonaecom SGPS and PT Multimedia advanced 3.2 pct and 3.26 pct respectively, on reports that Soneacom has been in contact with several PTM shareholders to sound out the possibilities of a friendly merger.
Vedanta stormed more than 10 pct higher mid-morning as talk emerged that the Chinese state mining company is preparing to bid for the group.
The healthcare sector continued its recovery, as Deutsche Bank said the sector is attractively valued and reiterated its 'buy' recommendations on Novartis, Roche and Astrazeneca.
Pharmaceuticals began to move higher yesterday after Citigroup upgraded the sector to 'neutral', saying most of the bad news in the sector has now been priced in. Astrazeneca added 3.9 pct. Novartis climbed 5.16 pct. Roche was up 2.31 pct.
But Philips led the STOXX 50 risers - up 4.16 pct - after Dutch MPs passed a bill doubling the limit on the amount of tax-free share buybacks a company can make.
Supplied by advfn.com
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