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European Shares Close Higher

May 31, 2001

LONDON (AP) _ European shares rose slightly Thursday in cautious trading.

German insurer Allianz rose 5 percent after it said it will save 1.1 billion euros ($0.93 billion) a year by 2006 after its acquisition of Dresdner Bank.

Deutsche Telekom gained as it completed its cash and share acquisition of VoiceStream Wireless and Powertel. The telecommunications companies received final regulatory approval earlier this month. Deutsche Telekom shares gained 37 European cents to 24.18 euros ($20.45).

Invensys gained 7.1 percent.

In Paris, Alcatel closed up 2.4 percent, but its optical components arm, Alcatel Optronics, dropped 1.4 percent. France Telecom closed down 1.2 percent, and chipmaker STMicroelectronics closed unchanged.

Carmaker Renault closed down 1.1 percent.

The Dow Jones Stoxx Total Market Index of shares in European companies rose 1.17 points to 326.99 points. The Dow Jones Euro Stoxx Total Market Index, which tracks companies in countries that joined the single currency, was up 1.06 points at 328.28 points.

The Dow Jones Euro Stoxx 50 Index was up 13.9 points at 4,427.3 and the Dow Jones Stoxx 50 Index was up 9.0 points at 4,247.5.

In domestic markets, The Financial Times-Stock Exchange 100-share index closed up 0.8 points, or 0.01 percent, at 5,796.1; the CAC 40 Index in Paris closed up 9.92 points, or 0.18 percent, at 5,454.19; and Frankfurt’s Xetra DAX was up 104.61 points, or 1.73 percent, at 6,145.83.

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