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European Stocks Little Changed as Telecom Italia Gains

European stocks were little changed, following their biggest two-day advance since April, as signs of progress in talks between Russia and Ukraine offset worse-than-projected German confidence data.

Telecom Italia SpA gained 3.2 percent after Brazil’s Oi SA said it may buy an $8 billion stake in Tim Participacoes SA, a group company of Telecom Italia. Portugal Telecom SGPS SA, which is merging with Oi, jumped 6.3 percent. Asos Plc rallied the most in a decade amid takeover speculation. Marine Harvest ASA dropped 2.7 percent after posting an unexpected quarterly loss. United Utilities Group Plc fell 1.3 percent after analysts downgraded the U.K.’s largest publicly traded water company.