European shares edged up at opening on Wednesday, as M&A activity spiced up a more reserved start to the markets after Comcast made a surprise counterbid for pay-TV group Sky.
The pan-European STOXX index was up 0.1 per cent by 0833 GMT, while the UK's FTSE 100 rose 0.3 per cent.
Shares in Sky jumped more than 18 per cent on the back of Comcast’s $31 billion offer, which could scupper Fox’s plan to buy out Sky and sell it to Walt Disney.
Sky shares were trading well above Comcast’s offer price, suggesting some investors expect Fox/Disney to come back with a higher offer, reports Reuters.
Europe’s media index was the top-performing sector, up 1.7 per cent at a one-month high. Shares in British broadcaster and content producer ITV rose 2.3 per cent.
Results were once again in focus, with UK house builder Persimmon advancing 12 per cent after it reported a jump in full-year earnings and a higher reservation rate and boosted its interim dividend.
Berkeley shares rose 2.9 per cent and Taylor Wimpey climbing 2.8 per cent.
Outside of the STOXX, troubled subprime lender Provident Financial saw its shares soar 37 per cent after saying it would raise 331 million pounds via a rights issue.
