European equities were higher in morning trade on Tuesday, led by mobile telecoms groups and carmakers.
The FTSE Eurofirst 300 was up 0.2 per cent to 1,602.03, Frankfurt's Xetra Dax added 0.3 per cent to 7,764.74 and London's FTSE 100 climbed 0.3 per cent to 6,587.4.
The CAC 40 in Paris, which moved higher on Monday as one of the few European equity markets open, retreated 0.1 per cent to 6,062.87.
Falling oil prices helped carmakers push higher. French manufacturer Renault, whose no-frills Logan model is being marketed in Mexico this summer and is expected to sell between 20,000 and 30,000 models a year, rose 2.8 per cent to EU107.10.
Italy's Fiat, meanwhile, was up 2.4 per cent to EU20.82 after chief executive Sergio Marchionne said that hopefully by the end of this quarter the company would announce an international strategic alliance.
BMW, the German luxury carmaker, rose 2.2 per cent to EU50.83 as speculation that it was to buy the car unit of Sweden's Volvo faded.
ABN Amro eased 0.7 per cent to EU35.86 after a consortium led by Royal Bank of Scotland bid EU71.1bn for the Dutch banking group, little more than the indicative offer of a month ago. The bid, however, trumped the EU64bn offer from Barclays, and set up the prospect of a takeover battle.
Spain's Santander, part of the RBS-led consortium, gained 0.6 per cent to EU13.83 on expectations its part in the deal will require a smaller than anticipated capital increase.
Fortis, the Belgian-Dutch group and third partner in the consortium, was down 0.6 per cent to EU31.11 as its part in the deal, a EU24bn bid for ABN's Dutch retail and wealth management businesses, was considered to be at the top end of expectations.
Paul Goodhind at Bear Stearns said: “We see the price as relatively full given the execution risks, however, the deal could be transformational for Fortis if successful. We would wait for a better buying opportunity.”
Mobile telecoms groups were higher, led by Britain's Vodafone after its full-year results beat expectations. Meanwhile, Greece's Cosmote was up 2.1 per cent to EU24 on expectations that it will report robust numbers on Wednesday.
