HapagLloyd posts lower net profit in 2023, cuts dividend
Lanxess tumbles on flagging challenging firsthalf
Elbe Bidco to launch voluntary public takeover offer for Encavis

March 14 Reuters European shares hit a record high for the third consecutive session on Thursday, supported by a raft of optimistic corporate updates, while investors remained cautious ahead of key economic data from the United States for fresh clues on the global interest rate cut trajectory.

The panEuropean STOXX 600 moved up 0.3 by 856 GMT and looks set for its eighth straight week of gains.

Germany39;s benchmark DAX added 0.2, touching alltime high levels for the third straight day, buoyed by bullish corporate reports.

Encavis shares skyrocketed 26.8 to the top of the STOXX 600 after Elbe Bidco launched a takeover offer for the German electricity and energy producer. The overall utilities index moved 1 higher.

We39;ve got investor interest, we39;ve got deals being done and when you have borrowing rates this high, such kind of activities are positive, said David Morrison, senior market analyst at Trade Nation.

KS shares climbed 7.3 after the German salt and potash miner beat expectations on annual results and provided betterthanexpected guidance.

German arms manufacturer Rheinmetall expects record sales and increased profitability this year as the war in Ukraine drove up defence spending in the NATO bloc, taking its shares up by 3.5.

Meanwhile, shares of Lanxess dropped 8.2 to the bottom…