European Stocks Rebound From Biggest Drop in Four Months; Actelion Rallies

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European stocks rebounded from the biggest drop in four months as the European Union started work on a possible aid package for Ireland’s indebted banks.

Actelion Ltd. led health-care stocks higher after Amgen Inc. was said to be considering a takeover offer. Roche Holding AG advanced 1.3 percent as the drugmaker announced a cost- reduction program. Thales SA paced declining shares after UBS AG downgraded Europe’s biggest maker of defense electronics.

The Stoxx Europe 600 Index gained 0.6 percent to 267.43 at 3:21 p.m. in London after tumbling 2.3 percent yesterday. The EU and International Monetary Fund will start scanning the books of Irish banks tomorrow to determine whether Ireland can patch up the banking system on its own or needs to tap a 750 billion-euro ($1 trillion) rescue fund.

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European Stocks Rebound From Biggest Drop in Four Months; Actelion Rallies - Bloomberg