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European stocks end higher
Published in Saudi Press Agency on 14 - 01 - 2005

Relief that the Iraq elections passed without major disruption and signs of renewed corporate activity helped European shares end Monday at levels last seen more than 2-1/2 years ago.
Anglo-American fund firm Amvescap extended Friday's gains by 6 percent amid renewed takeover talk, while Woolworths surged 22 percent after private equity firm Apax Partners said it may bid for the British toys-to-sweets chain.
Germany's broadcaster ProSiebenSat.1 Media rose 9.4 percent on reports that publisher Axel Springer may try to buy a controlling stake in it.
Telecom Italia gained 2 percent on what analysts said could be buying of the stock by funds flush with cash after taking up the group's buyout offer for stock in its wireless arm TIM.
"Telecom Italia pumped 14 billion euros into the market last week with its cash offer for TIM shares and some fund managers are probably using that liquidity to reposition themselves in the group," one of the analysts said.
The FTSEurofirst 300 index of pan-European blue chips was up 0.7 percent at 1,061.8 points, its highest level since mid-2002, and showing gains of about 2 percent for January. --More 2325 Local Time 2025 GMT


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