European stocks rise at open; Sky soars on Comcast bid

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The German share price index, DAX board, is seen at the stock exchange in Frankfurt, Germany, February 26, 2018. REUTERS/Staff/Remote

European stocks climbed at the open on Tuesday, with British satellite TV giant Sky soaring almost 20 percent on a surprise rival takeover bid from US cable giant Comcast. In initial trade, the British capital’s benchmark FTSE 100 index advanced 0.4 percent to 7,391.91 points. Sky’s share price soared 18.2 percent to £13.06 after Comcast bid more than £22 billion ($31 billion, 25 billion euros) to buy the pan-European broadcaster.

Shortly before the open, Comcast unexpectedly revealed it had offered more per share than a bid from Rupert Murdoch’s 21st Century Fox. Fox had bid £11.4 billion two years ago for the 61 percent of Sky it does not own. Meanwhile, in eurozone trading on Tuesday, Frankfurt’s DAX 30 index opened 0.4 percent higher at 12,573.65 points. The Paris CAC 40 rose 0.3 percent to 5,358.57 compared with the closing level on Monday.

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