Italy’s Italcementi rises more than three per cent to an 11-week high on market talk the cement maker may resume plans to take over its Paris-listed unit Ciments Francais in an operation expected to generate synergies and boost its earnings.
On Thursday, Ciments Francais said it bought out nearly all of the US noteholders who blocked a 2009 takeover from Italcementi.
"As a result the merger between Italcementi and Ciments Francais can now be relaunched. We believe this news positive for the stock," Banca Akros analyst Francesco Sala says.
Meanwhile, Ciments Francais, of which Italcementi owns more than 80 per cent, rises more than five per cent.