Enter multiple symbols separated by commas

European Stocks to Watch: Pirelli and Telecom Italia

Shares of Italy’s Pirelli soared to 9.67% Monday morning after it revealed late Sunday that it was in talks with U.S. telecom giant AT&T and its Mexican affiliate America Movil to sell two-thirds of its 80% stake in holding company Olimpia for 2.82 euros a share less debt.

Olimpia controls Telecom Italia.

Telecom Italia’s shares rose to 9.90% at 2.3 euros after the market opened.

Goldman Sachs also added Telecom Italia ordinary shares to its sell list on Monday.

Both stocks were the biggest gainers on the MIB Index.

Also active in European trading:

Iberia (up 1.25%) The airline’s shares increased after The Times of London reported that private equity company Texas Pacific Group is looking for a Spanish partner to join its 3.4 billion euro bid for the Spanish company.

France Telecom (up 2.23%) and Deutsche Telekom (up 2.19%) Shares of France Telecom and Deutsche Telekom were driven up by the M&A activity in the telecoms sector early Monday morning.

Flughafen Wien (up 4.60%) Shares rose after Raiffeisen Bank raised its price target to 82 euros from 79 euros and kept its ‘buy’ rating.

Novabase (up 6.15%) The technology company’s shares rose after weekly Espresso reported that Canada’s CGI Group and Hewlett-Packard were interested in the Portuguese company.

Novartis (down 4.16%) Novartis cut its 2007 sales forecast on Friday after pulling bowel drug Zelnorm from U.S. shelves after clinical trial data pointed out a possible link to heart attacks and strokes.

Contact U.S. News


    Get the best of CNBC in your inbox

    Please choose a subscription

    Please enter a valid email address
    To learn more about how we use your information,
    please read our Privacy Policy.

Don't Miss

U.S. Video

  • Hero miles for military members: Real estate magnate's plea

    Chairman of the Fisher House Foundation, Ken Fisher, discusses the Hero Miles program with CNBC's Dina Gusovsky. During Military Appreciation Month, Fisher is asking every traveler to donate 1,000 of their miles to replenish the Hero Miles programs that is in danger of running out.

  • Cramer shuts down this market's haters

    "Mad Money" host Jim Cramer on why this market can't stop, won't stop.

  • From the battlefield to the boardroom

    Your Grateful Nation is dedicated to helping Special Forces veterans enter the corporate world and Knot Standard provides complimentary suits to vets. Mad Money's Jim Cramer spoke with Rob Clapper, Your Grateful executive director; John Ballay, Knot Standard co-founder and president; Tej Gill, retired U.S. Navy Seal; and Darren McB, active duty U.S. Navy Seal.