European Stocks Advance on Greece Optimism, M&A; Bouygues Jumps

European stocks rose for a third day after Greek Prime Minister Alexis Tsipras presented a new plan of reforms, while deals activity increased.

The Stoxx Europe 600 Index rallied 1.5 percent to 391.36 at 8:12 a.m. in London, with all its industry groups up. The gauge had lost 7.5 percent from its record in April through a four-month low on June 15 as talks between Greece and its creditors deteriorated. Germany’s DAX Index jumped 2.3 percent.

Bouygues SA jumped 13 percent after Patrick Drahi’s Altice SA said its cable and wireless unit has made an offer to buy France’s third-largest mobile-phone company from Bouygues. Altice SA climbed 12 percent.

Smaller carrier Iliad SA rose 11 percent as it’s in exclusive talks with Altice’s Numericable-SFR to acquire a portfolio of assets. Orange SA gained 7.1 percent.

Sky Plc added 4.9 percent after a report that the Murdoch family is eyeing a new takeover bid for the U.K. company after turning down two offers from Vodafone Group Plc and Vivendi SA.

Severn Trent Plc gained 2.5 percent after a report that Borealis is considering a bid for the U.K. water utility.

Kuoni Reisen Holding AG may move after the Swiss travel services company agreed to sell its entire European tour operating business to Rewe Group’s DER Touristik.

Source: Bloomberg

MARKET