European markets mixed; French stocks log gains on open despite political upheaval

Direct Line looks set to be acquired by Aviva after the latter increased its bid for its fellow British insurance company. In a joint statement, the companies said they had reached a preliminary agreement on the terms of a takeover. Direct Line's board said it would recommend the deal to shareholders if Aviva made a formal offer. The new offer values Direct Line at 275 British pence per share, representing a more-than 73% premium to the closing price on Nov.

27 — the day before news of the initial bid became public. It represents a 10% increase from Aviva's initial offer of 250 pence per share in November, which was rejected. 'Direct Line shareholders would own approximately 12.5% of the issued and to be issued share capital of Aviva,' the companies said in a statement.

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