Lafarge-Holcim help European shares inch up after agreement
LONDON, March 20 (Reuters) - European shares inched higher in early deals on Friday, helped by gains in the construction sector after Holcim (Other OTC: HCMLF - news) and Lafarge (Paris: FR0000120537 - news) agreed to new merger terms.
Holcim rose 1.6 percent and Lafarge added 3.6 percent after the companies agreed to new terms, including a new share-swap ratio for the deal, over their planned multi-billion-euro merger, which would create the world's biggest cement firm.
The pan-European FTSEurofirst 300 index was up 0.1 percent at 1,600.15 points, hitting a new 7-1/2 year high at 0809 GMT.
Britain's Tullow Oil (LSE: TLW.L - news) was the top gainer on the index, up 5 percent, after the Africa-focused oil producer said it had raised an additional $450 million of capital from existing lenders, boosting its financial strength amid weak oil prices. (Reporting By Francesco Canepa; Editing by Atul Prakash)