Five-year record for FTSE

A £12.7bn (€18.5bn) takeover proposal from steel giant Mittal helped fuel European markets and lift the FTSE 100 Index to its best level since 2001 today.

The attempt by Mittal to merge the world’s two largest steel operators through a takeover of Luxembourg-based Arcelor added to an already strong session after gains of 1% for the Dow Jones Industrial Average and the tech-led Nasdaq.