The U.K.'s FTSE 100 closed up 0.31 percent, while Germany's DAX posted gains of 0.14 percent. France's CAC 40, however, ended under pressure, down 0.34 percent.
Following Tuesday's sharp losses in the mining sector, basic resources bounced back on Wednesday, with the sector ending in the black — providing slight support to the FTSE 100. Europe's banking, media and health care stocks were also among those that posted solid gains, on the back of corporate news.
In banks, the CEO of Banco BPM said that the lender was ready to sell its debt collection business, if potential buyers are willing to take on the majority of its bad loans. Shares of the Italian lender rose 2.7 percent. A slew of other Italian banks such as Unicredit and Intesa Sanpaolo joined Banco BPM, closing above 1.5 percent, near the top of the sector.
The STOXX 600's top gainer was hospital device provider Ambu, which jumped 9.2 percent. Shares of Colruyt popped over 3.5 percent higher after the company reported stronger-than-anticipated yearly figures. Britain's Ocado, meantime, closed up 5.5 percent, after Peel Hunt hiked its price target on the retailer.
Sky shares got a boost in afternoon trade, finishing the day up over 3 percent, after the Walt Disney Co. raised its bid for Twenty-First Century Fox's movie and television assets to a total of $71.3 billion. Fox currently owns 39 percent of the U.K. broadcaster.
Elsewhere, Britain's Berkeley sank to the bottom of the STOXX 600, slipping almost 6 percent after it reported full-year earnings results. Remy Cointreau fell 4.2 percent, after Societe Generale cut its rating on the stock to "sell" from "hold."
Another topic keeping investors busy concerns oil. In Europe, OPEC ministers were seen gathering in Vienna ahead of a key summit to decide oil production policy on Friday. Oil prices ticked higher on Wednesday afternoon, but the sector closed down 0.89 percent.