European shares rise but Electrolux slumps as GE deal fails
LONDON: European shares rose on Monday to climb back up from three-week lows reached last week, although Electrolux slumped after its deal to buy General Electric's appliance business fell through.
GE terminated the $3.3 billion agreement, which had faced scrutiny from US authorities, with the US Department of Justice asking a federal court in July to stop the deal due to concerns it could push up prices for consumers.
Electrolux fell 14.7 percent, underperforming a 0.5 percent gain in the pan-European FTSEurofirst 300 index.
The broader European stock markets were supported by a rise in major healthcare stocks, with Novartis advancing on positive results for a leukemia-treatment drug, while investment bank Jefferies increased its price target on stocks such as GlaxoSmithKline, Roche and Sanofi.
France's benchmark CAC-40 index also advanced 0.7 percent, shrugging off any impact from a historic win in regional elections on Sunday for the country's far-right National Front party.