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European stocks rise to record high; Meggitt surges on U.S. buyout

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European stocks were on track to reach a record high on Monday, as U.K. aerospace group Meggitt surged on an agreement to be purchased by a U.S. rival.

The Stoxx Europe 600 SXXP, +0.62% traded 0.6% higher to 464.60, which is above the closing record of 463.84.U.K. aerospace company Meggitt MGGT, +56.

34% surged 58% to 743 pence after agreeing to be purchased by Parker Hannifin PH, +0.87% for 800 pence a share in cash, showing there’s concern in the market the deal could be blocked by the U.K. government.

 

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Parker-Hannifin Corporation Agrees Acquisition of Meggitt PlcBy Ian Walker Meggitt PLC said Monday that it has agreed to a 6.3 billion pounds ($8.76 billion) takeover by Parker Hannifin Corp. Under the deal, accepting...
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