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Bourses end in the black
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March 29, 1999: 12:03 p.m. ET
Kosovo and Fed meeting overshadow markets as mega-deals hog the limelight
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LONDON (CNNfn) - Europe's bourses ended Monday comfortably in the black with only gains among Paris blue chips failing to top the 1 percent mark. Speculation about several multi-billion dollar deals dominated an otherwise quiet session.
Mounting concerns over the escalating crisis in Serbia and Kosovo, Tuesday's Federal Reserve monetary policy meeting, a weak performance from Asian markets overnight and a lack of corporate news all helped keep investors on the sidelines.
The lack of activity only served to turn the full focus of active investors on five multi-billion dollar deals both actual and rumored.
London was the biggest winner of the four main bourses. The FTSE 100 ended 114 points higher at 6,252.9, a rise of 1.85 percent.
Frankfurt's electronically-traded Xetra Dax added 68 points to close up 1.41 percent at 4,867.21. And Zurich's SMI also broke through the 1 percent mark to finish 78 points higher at 7,086.3.
French blue chips fell just short of the 1 percent mark. The CAC 40 was up 37.94 points at 4,153.65.
London's main kicker came on consolidation talk that helped boost three index heavyweights. Oil giant BP Amoco (BPA) confirmed it is in talks with Atlantic Richfield (ARC) of the U.S. in a deal worth some $25 billion.
BP Amoco closed 3.71 percent higher at 1,076 pence. Shell (SHEL) stock also rose on the prospects of more consolidation. The shares ended 3.41 percent up at 425 pence.
Speculation drove the shares of Glaxo Wellcome (GLXO) after the Financial Times reported Monday the pharmaceutical maker had called off merger discussions with Bristol Myers-Squibb (BMY). The newspaper said more talks could be on the agenda.
Glaxo's shares surged 4.38 percent to end at 1,984 pence.
Troubled chemical giant ICI (ICI) was one of the strongest blue chips after the company confirmed to Reuters Monday that it is holding talks with family-owned Huntsman Corp. of the U.S. "and others" over the possible sale of two units for around $3 billion. The stock closed 6.83 percent higher at 560 pence.
The biggest gainer in the FTSE 100 was advertising agency WPP (WPP). The stock rose over 7 percent to 512 pence as investors went bargain hunting.
British Telecom (BT) added 5.65 percent to 952 pence.
The apparent end to a planned merger between German conglomerate Viag (FVIA) and Switzerland's Algroup (formerly known as Alusuisse) boosted both stocks. Investors breathed a sigh of relief as they did not believe the planned synergy targets could be reached. Viag stock ended up 31 euros at 511, while Algroup added 38 francs to 1,660 in Zurich.
Reuters reported that Viag finally had called off the talks Monday after Algroup maintained over the weekend that the merger was still on, despite the resignation of its chairman.
Paris traders corrected an overreaction to one done deal. French carmaker Renault (PRNO) soared over 6 percent Monday morning in Paris but then settled back to end just under 3 percent up at the close at 35 euros. The car group confirmed Saturday that it would pay $5.4 billion for a 36.8 percent stake in Japanese rival Nissan.
Hotel group Accor (PAC) added 6.39 percent in Paris to close at 234.8 euros ahead of full-year results Tuesday.
BMW (FBMW) put on 3.74 percent ahead of final 1998 results Tuesday to end at 651.50. 
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