Telecoms lift European stocks after Sunrise buyout offer

Telecoms stocks boosted European bourses on Wednesday following Liberty Global’s takeover offer for Sunrise Communications, while London’s FTSE 100 gained on bets of domestic stimulus after a collapse in quarterly economic output.

The pan-European STOXX 600 was up 0.2%, gaining for a fourth straight session.

Sunrise Communications surged 26.8% after Liberty Global launched a takeover offer for the Swiss telecoms group in a deal valued at 6.8 billion Swiss francs ($7.40 billion).