Shares in steel cord manufacturer Bekaert rose after the group says it was acquiring two Bridgestone tyre cord plants with a multi-year supply agreement.

Analysts at Bank Degroof and KBC Securities welcomed the transaction, telling Reuters the deal would strengthen Bekaert's position in the profitable tyre cord market.

KBC Securities analyst Wouter Vanderhaeghen raised his target price to EUR120 from EUR100 and said he saw earnings growth on continued expansion in emerging markets and the potential for recovery in mature markets.