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European Stocks Edge Higher on Auto Boost to Extend 1-Year High

European stocks extended their highest level in more than a year, boosted by deal activity and gains in carmakers.

The Stoxx Europe 600 Index added 0.2% as of 8:12 a.m. in London, for a sixth day in the green. Valeo SA led auto shares higher after a report it won orders from four major groups for its Lidar car sensor products. Banks were also among the best performers. Metso Oyj jumped after it said it will merge its mining business with Outotec Oyj and create a separate company, while Osram Licht AG gained after confirming a $3.8 billion buyout offer from Bain Capital and Carlyle Group LP.