European stocks rise as business confidence improves in Germany

European equities rebounded on Monday, benefiting from an unexpected surge in business confidence in Germany which highlighted the resilience of the eurozone’s largest economy, while wind turbine maker Siemens Gamesa leapt after a $ 4.28 billion takeover bid from its largest investor.

After rising 1.3% in prime trading, the pan-European Stoxx 600 index gave up some gains, adding 0.3%.

The actions related to the subjects prime they gained more than 1% as oil and base metal prices rose, while bank shares rose 0.2%, according to Reuters.

Siemens Gamesa jumped nearly 7% to the top of the Stoxx 600 after Siemens Energy made an offer of 4.05 billion euros ($ 4.28 billion) to buy a minority stake in the troubled wind turbine.

Siemens AG, the largest shareholder of Siemens Energy, grew by 0.4%.

Deutsche Euroshop jumped 40.9% after a consortium offered € 1.4 billion ($ 1.48 billion) to acquire the mall’s German investor.

Shares in UK retailer King Fisher were up 1.9% after announcing first quarter sales that significantly outperformed pre-pandemic performance.

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