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European shares rebound, AMS bid for Osram puts M&A in focus

Published 12/08/2019, 08:36
Updated 12/08/2019, 08:41
European shares rebound, AMS bid for Osram puts M&A in focus

(Reuters) - European shares bounced back on Monday after a tumultuous week highlighted by U.S.-China trade tensions and Italy's political turmoil, with a bidding war for German lighting group Osram possibly heating up deal-making in the region.

The pan-European index STOXX 600 (STOXX) climbed 0.8% and all sub-sectors rose, but trading remained thin as most key markets in Asia were shut for holiday.

The bidding war for Osram (DE:OSRn) got more intense after Swiss-listed sensor specialist AMS (S:AMS) said it was ready to pay 10% more than Bain Capital and Carlyle (O:CG).

Osram shares were up 10%, while AMS shares fell 9%.

Shares of oil and gas explorer Tullow Oil Plc (L:TLW) jumped 15% after it announced a major oil discovery in the Orinduik block in Guyana.

Worries of the prolonged U.S.-China trade spat, however, still hovered over markets - with no sign of a truce in sight. Goldman Sachs (NYSE:GS) over the weekend warned that a trade deal was unlikely before the 2020 U.S. presidential election.

Latest comments

When you think about it, Donald Trump's accession to commander in chief makes a mockery of the whole US political system. When a man with no previous political expertise or no macro-economic training can become president just because he's got the money to achieve it. Any business con man with the financial resources can become president and then be in a position to lower taxes, enact big government spending plans and be able to line his own pocket for 4 years. It's a joke...but a frightening one.
Maybe Trump is secretly resigned to the fact that he won't get a trade deal before 2020...because he knows he can't win it. And his failure to win one will result in him not getting re-elected for a second term. It's the only way he can get out of this mess with honour, because to lose in 2020 will give him the excuse to say he wasnt given enough time to win it so it won't be his fault. If there's any truth to that theory, he may as well pack up now so someone else can sort it out asap. He could use the excuse of his heel spurs hurting and therefore not able to carry on being commander in chief
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