Takeover activity keeps European shares steady

LONDON, May 2 (Reuters): New signs of corporate takeover activity kept European stock markets steady on Friday, although many investors were reluctant to add big positions before US jobs data later in the day.

The pan-European FTSEurofirst 300 index, which last month hit its highest level since June 2008, was off just 0.1 per cent at 1,352.88 points in early session trading.

The euro zone's blue-chip Euro STOXX 50 index dipped 0.3 per cent to 3,188.48 points. Both the FTSEurofirst 300 and the Euro STOXX 50 are still up by more than 2 per cent since the start of 2014.

Equity markets have drifted higher over the last week as signs of blockbuster merger and acquisition (M&A) deals have propped up the stock markets.

On Friday, Deutsche Telekom rose 1.9 per cent, after Reuters reported that US rival Sprint had met with banks ahead of a planned bid for T-Mobile US, which is 67 per cent owned by Deutsche Telekom.

US drugmaker Pfizer also raised its offer for UK rival AstraZeneca to 63 billion pounds ($106.44 billion) on Friday, while French company Alstom faces takeover interest from General Electric and Siemens.