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,
+0.59%
traded 0.6% higher to 464.60, which is above the closing record of 463.84.

The enthusiasm was matched in U.S. stock futures
ES00,
+0.56%,
which advanced after a losing week.

U.K. aerospace company Meggitt
MGGT,
+57.75%
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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