Mining stocks were the best performers among 18 industry groups in the pan-European Dow Jones Stoxx 600 Index, as Anglo American and Xstrata paced the gains. Copper had its "rst weekly advance in a month after inventories declined in China, the biggest consumer of the metal.

Lead and gold prices also increased.

Takeover speculation also helped push the benchmark Stoxx 600 Index to within seven points of a record set in March 2000. The measure posted its third straight monthly gain in May.

The Stoxx 600 Index gained 1.7% to 400.31. The Stoxx 50 also increased 1.7%. The Euro Stoxx 50, a measure for the 13 countries using the euro, advanced 2.1%.

US employers added 157,000 jobs in May, nearly twice the previous month's rate according to the Labor Department. Other reports showed in"ation advanced at half the pace expected by economists, manufacturing expanded and consumer con"dence rebounded from an eight-month low.

National benchmarks rose in all but two of the 18 western European markets. Germany's DAX added 3.2%, while France's CAC 40 gained 1.8%. The UK's FTSE 100 advanced 1.6%.

Mergers and acquisitions deals have reached 893bn in Europe this year, compared with a record 1.2 trillion in 2006, according to data compiled by Bloomberg.

Anglo American, the world's second-biggest mining company, added 6%. Xstrata, the fourthlargest copper producer, rallied 6.7%. Copper for three-month delivery gained 3.5% in London.

Lead jumped 7.6 %. Gold for immediate delivery added 2.1 %.

Shares of Iberdrola rallied 8.7 percent. De Tijd reported Belgian billionaire Albert Frere's Groupe Bruxelles Lambert plans to sell 1bn in new shares to increase its stakes in companies including Iberdrola, citing unidentified people. Separately, La Razon said the French utility Suez hired investment banks to acquire a 5% stake in Iberdrola.

Deutsche Telekom, Europe's largest telephone operator, gained 7%. Societe Generale lifted its recommendation for the shares to "buy" from "sell" earlier in the week, citing the outlook for cost cuts.
Vodafone jumped 7.6 percent.

Fiscal 2008 sales will rise as much as 10% to �34.2bn ( 50.5bn), the company said, exceeding some analysts' estimates. Vodafone also increased its full-year dividend by 11% to 6.76 pence, more than some analysts had expected.

Renault shares jumped 8.9%.

Carlos Ghosn, chief executive of"cer of the second-biggest French carmaker, said "quality indicators" for its new Laguna sedan were positive and the company published the first images of the car.

Shares of Royal BAM Groep, the biggest Dutch builder, surged 12%, for the Stoxx 600's best performance. The company posted a better-than-expected first-quarter profit and said the full-year figure will beat estimates as construction demand booms.

Michelin rallied 11%. The world's second-largest tyremaker aims to cut costs at all its businesses, especially in western Europe and North America, chief executive officer Michel Rollier said in an interview with Le Figaro. Morgan Stanley earlier in the week raised its share-price estimate on Michelin by 15% to 108, saying "Michelin is more exposed to the booming industrial end markets than any other tire company in the world."

Banca Italease plummeted 28%, for the worst performance in the Stoxx 600. The Milan-based leasing company said its clients have accumulated potential losses of 400m on derivatives contracts.

Milestones Numbers

VODAFONE announced it had sold an amazing 20,000 of its 3G broadband modem in just a few months. Their secret?

Any device with iPoddiness stands a good chance of success. Especially in spots where landline broadband remains a dream.

DUBLIN ISEQ 9,963.44 Up 0.49% on week .
EUROPE DJ Stoxx 50 3,972. Up 1.93% on week .
LONDON FTSE 100 6,676.70 Up 1.70% on week .
NEW YORK DOW 13,668.11 Up 1.69% Nasdaq 2,613.92 Up 2.99%

Equity movers

IRISH SHARES GAINERS
Company closing % Minmet Plc 0.17 13.33% Kenmare Res 0.87 9.21% Independent NM 3.87 4.88% Greencore 4.80 4.35% Trinity Biotech 2.03 4.10% Kerrygroup 22.15 3.99% FBD 39.50 3.95% Fyffes 0.91 3.45% LOSERS Company closing %

INTERNATIONAL GAINERS
Company closing % Deutsche Telekom 14.37 8.05% Marathon Oil $126.32 8.00% Apple $118.77 7.43% Vodafone Group �162.09 7.17% Santander 14.50 6.07% Wal-Mart $49.55 Dell $27.44

LOSERS
Company closing % Glaxosmithkline �1292.00 -3.08% M & S �7.01 1.20% Statoil NOK168 Citigroup 54.35 1.11% Debenhams �136.25 0.91% Wyeth 57.65 0.91% BNP Paribas 90.87 3.5% Aminex 0.31 Thirdforce 0.21 7.41% Iona Tech 3.81 7.07% Glencar 0.16 4.00% Bank of Ireland 15.96 3.27% Smurfit Kappa 19.35 2.52% Petroceltic 0.21 2.33%
The week ahead
MONDAY Irish Public Holiday European Competitions Commission issue statement on travel groups, TUI/First Choice, merger British Petroleum Issue trading statement UK Purchasing Managers Index for Construction Euroland Producer Price Index US Factory Orders Results: Diamond Foods (Q3) Sigma designs Inc (Q1)
TUESDAY NCB Purchasing Managers Survey for Services for Ireland and rest of Europe UK Retail Statistics and Of"cial reserves US Weekly retail Sales and ABC Consumer Confidence Results: Ryanair (Q4) Aersonic Corp (Q4)
WEDNESDAY AIB issue trading update on the first six months of the year BOE Monetary Policy Committee Meeting ECB Governing Council Meeting with expected rate announcement US Mortgage Applications, Unit Labour Costs and Challenger Layoff Survey Results: La-Z-Boy Inc (Q1)
THURSDAY Irish Consumer Price Index Bank of England to make rate announcement US Jobless Claims, Consumer Credit and Money Supply Results: Cherokee Inc, Timberland (Q1)
FRIDAY UK Industrial Productions stats US Balance of Trade Japanese Money Supply and Machinery Orders Results: Quiksilver Inc, Gametech International (Q1)

The week that was

BOARDROOM BRAWL IN AISLE 4

MORE trouble in retail paradise. The week got off to a flying start with a good old corporate dust-up in the Arnotts hierarchy. An unsolicited 200m takeover bid by one shareholder, the O'Connor family, arriving just as the landmark department store was finalising plans for a 750m "Northern Quarter" redevelopment between Henry St and Pearse St. Chairman Richard Nesbitt, who controls 60% of the company, was not amused. And as the O'Connors own just under 25%, no visible support from any other board member, and decided to tell the Irish Times before the rest of the board, it was hard to make out what the strategy was. But sometimes it's hard to tell . . . is the guy across the chess board a grandmaster with a strategy you've never seen or just moving pieces around? Nesbitt said Arnotts is only worth 70m- 100m.

So why didn't they want to sell for 200m? Sources say it's because Nesbitt reckons the whole will be worth more than the sum of the parts once a "strategic investor" is in place with a 20% stake . . . an announcement expected within a fortnight.

In response to the O'Connors bid and, moreover, the manner in which it was made, Richard Nesbitt decided it wasn't cricket.

"Whatever your intentions, negotiation through the media are most damaging to the company Arnotts Holding, " Nesbitt fumed in a letter.

Rumours were floated Friday of a rival property developer coming to the O'Connors' aid. Could litigation be involved? You'd have to be pretty sure before taking Richard Nesbitt SC to court, though.

Wouldn't you?

CLEANING UP IN AISLE 7

MEANWHILE, across O'Connell Street, happier times under the famous Clerys clock. The chain of department stores . . . they're expanding, you know . . .recorded a 75% increase in profits of just under 1.4m for the year ending 31 January on sales of 73m. Under chief executive PJ Timmins, there seems no question that black is the new black for the company's books.

IRISH FERRIES BID STILL AT SEA

AFTER watching two unofficial deadlines come and go, the Takeover Panel finally moved on Friday morning to impose an official one on the DoyleOne51 consortium which is considering a bid (or not) for Irish Continental Group. The Philip Lynch-led consortium will now have until 13 June to put up a bid or pull out of the process for a 12-month moratorium period.

The Takeover Panel was acting on a 25 May request by the independent directors of ICG to set a deadline after the consortium failed to wrap up its due diligence process, even after being allowed an extension on the original four-week deadline which kicked-off 13 April.

As the first deadline was about to lapse, the consortium began complaining it was being denied vital information that the competing management buy-out team, headed by chief executive Eamon Rothwell, had access to in the course of the normal running of the ferries company. Those troubles appeared to have been smoothed over by the end of May, as the consortium itself said it would make an announcement. But no announcement came, leading some observers close to the process to question the seriousness of the bid interest.

The word out of the Doyle-One51 camp is that we're nearing the end of this process. However, the Takeover Panel retains the discretion to push this deadline back too.

RYANAIR: NO MEANS NO

IT'S a rare occasion when Michael O'Leary's (below) airline asks a girl out to dance but does not get to take her home because the night club owners think "it wouldn't be appropriate". However Ryanair's overaggressive 'flirtation' with Aer Lingus looks likely not to be given the seal of approval by the European Commission. The Irish Times reported that the competition department of the Commission had undertaken "market tests" and found Ryanairs' proposals were not worthy enough to allow a takeover of the national airline.

Between the commission and the Government not being happy with Ryanair's new love, it looks like disappointment for the low-fares airline, who are not known for their love of the word 'No'.

Still, all did not go well for Aer Lingus last week.

Plans to unveil new aircraft in Dublin were snagged by a technical hitch in the US . . . leaving several hacks stranded on the wrong side of the country for Ryanair's announcement at Shannon of new routes.