$10bn offer for Foster's boosts regional stocks

Nikkei: 9,459.66 (+105.34) Hang Seng: 21,850.59 (+251.08) Shanghai Comp: 2,647.68 (+26.43)

AN EASING of concerns over the Greek debt crisis, plus a $10 billion takeover bid in the drinks sector yesterday, helped stock markets in the region snap a four-session run of losses.

Shares in Foster’s shot up 13.5 per cent to A$5.14 after the Australian brewer rejected a A$4.90 a share offer from SABMiller.

BHP Billiton advanced 1.6 per cent at A$42.00.

The Hang Seng index climbed 1.2 per cent. PetroChina rose 1.8 per cent to HK$11.08 while Cnooc added 1 per cent to HK$18.08.

The Shanghai Composite climbed 1 per cent. Mainland cement producers advanced after reports that local governments are to be allowed to sell bonds to fund building of affordable housing. Anhui Conch Cement rose 4.3 per cent to Rmb26.30.

Tokyo recorded its biggest one-day gain for three weeks. Nissan jumped 3.1 per cent to ¥820, while Toyota added 0.9 per cent to ¥3,205.

KB Financial soared 5.4 per cent at Won51,000 and LG Electronics 4.7 per cent higher at ¥82,300. – (Copyright The Financial Times Limited 2011)