Topic: Stock Trading News – European Stocks Gain on Mergers, Earnings; Reuters, BSkyB Climb – Bloomberg
Shares of Reuters Group Plc, the world's largest publicly traded provider of financial data, and music company EMI Group Plc surged after they received takeover approaches. Bloomberg LP, the parent company of Bloomberg News, competes with Reuters in selling news, information and trading systems to the financial services industry. The bid, 65 percent above the previous day's close, was rejected by Bancroft family members who control more than 50 percent of the voting power at the New York-based publisher. The company chaired by Murdoch said fiscal third-quarter profit fell 6 percent to 142 million pounds ($284 million) as costs to start a broadband Internet service hurt earnings. Of the 23 Dow Jones Stoxx 50 Index companies that have reported their latest first-quarter earnings, 16 beat forecasts, based on data compiled by Bloomberg. The world's largest cement maker said first-quarter profit rose sixfold to 362 million euros, helped by disposals and expansion in emerging markets. read more
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