European stocks advanced for a sixth week, posting their longest winning streak since August 2012, as signs emerged the Federal Reserve won’t rush to reduce the pace of its stimulus, outweighing data that showed the euro-area economic recovery is faltering.
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.
Richard Schulze, Best Buy Co.’s founder and largest shareholder, informed the consumer electronics retailer that he plans to sell an undisclosed amount of its stock to diversify his assets and raise money.