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European shares led higher by telecoms, Unilever slump weighs

Reuters

MILAN (Reuters) - European shares slightly rose on Monday, helped by stronger telecoms stocks, but a slump in Unilever (ULVR.L) following Kraft Heinz's (KHC.O) abrupt withdrawal of its $143 billion (115.05 billion pounds) bid for its larger rival weighed on the broader market.

By 0822 GMT, the pan-European STOXX 600 index (.STOXX) was up 0.3 percent, while UK's FTSE (.FTSE) edged up 0.1 percent.

Unilever shares fell 8 percent, making them the biggest fallers on the STOXX. People familiar with the matter said Kraft withdrew its offer because it felt it was too difficult to negotiate a deal following the public disclosure of its bid so soon after its approach to Unilever.

Telecoms stocks (.SXKP) rose 1.3 percent, led higher by a 2.2 percent surge in Deutsche Telekom (DTEGn.DE) following a Reuters report that SoftBank (9984.T) is prepared to give up control of Sprint (S.N) to Deutsche Telekom's T-Mobile US (TMUS.O) to clinch a merger of the two U.S. wireless carriers.

(Reporting by Danilo Masoni)