European stocks rise as BNP buys Community Bankshares for $1.2bn

EUROPEAN stocks climbed after BNP Paribas SA agreed to buy Community First Bankshares Inc for $1.2 billion in cash.

Iberia Lineas Aereas de Espana SA had its second-biggest jump this year after the Elconfidencial.com website said a purchase by British Airways will be announced in coming days.

Iberia dismissed the report and British Airways called it a false alarm. “Takeovers are always good for the market,” said Luca Martina, head of international equities at Credit Suisse Private Banking in Milan, which oversees about $2.8bn including shares of Vinci SA and Groupe Danone.