European stocks end higher after UBS buyout calms investors

Italy's FTSE MIB performs best, soaring 654 points, or 2.53%

By Ovunc Kutlu

ISTANBUL (AA) – European stock markets closed with gains on Tuesday after UBS takeover of troubled Credit Suisse calmed investors.

UBS, a Swiss-based multinational investment bank and financial services company, announced late Sunday that it would buy its rival for 3 billion Swiss francs ($3.2 billion), while the Swiss government guaranteed to assume losses of up to 9 billion francs from the assets.

The STOXX Europe 600, which includes around 90% of the market capitalization of the European market in 17 countries, jumped 5.87 points, or 1.33%, to finish at 446.47.

Italy's FTSE MIB performed the best for the day, soaring 654 points, or 2.53%, to 26,554.

The UK's FTSE 100 increased 132 points, or 1.79%, to end the session at 7,536.

Germany's DAX 30 added almost 262 points, or 1.75%, to close at 15.195. France's CAC 40, meanwhile, rose 99 points, or 1.42%, to finish at 7,112.

Spain's IBEX 35 increased 216 points, or 2.45%, to 9,049.

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