U.K. stocks fell, following their first weekly gain in a month, as world leaders meet to discuss the situation in Ukraine, and data showed that U.S. manufacturing expanded at a slower-than-expected pace.
Dixons Retail Plc, the largest U.K. consumer-electronics retailer, said it’s in talks to merge with Carphone Warehouse Group Plc, bringing together companies with combined revenue of about 12 billion pounds ($20 billion).
European stocks advanced to a six- year high as companies from Scania AB to Dixons Retail Plc rallied amid heightened mergers-and-acquisitions activity, outweighing a drop in HSBC Holdings Plc which posted worse-than- estimated profit.
Best Buy Co., the world’s largest consumer-electronics retailer, will exit Europe by selling its 50 percent stake in a mobile-phone venture to partner Carphone Warehouse Group Plc for 500 million pounds ($775 million).
Carphone Warehouse Group Plc rose to the highest price in almost 10 months in London trading after Chief Executive Officer Roger Taylor said Europe’s largest mobile-phone retailer will consider raising dividends next year.
Carphone Warehouse Plc, the U.K. mobile-phone retailer that demerged its TalkTalk unit this year, raised forecasts for the third time in six months after selling more smartphones in the U.S. and Europe.
Best Buy Co., the world’s largest consumer-electronics retailer, agreed to buy Carphone Warehouse Group Plc’s stake in their U.S. mobile-phone joint venture for 838 million pounds ($1.34 billion) and close the U.K. stores it opened less than two years ago.