Brussels shares close higher; InBev leads the gainers UPDATE

(Updates with full report)

BRUSSELS (Thomson Financial) - Shares closed higher, supported by Wall Street gains, with brewer InBev leading the blue-chips.

At the close, the Bel 20 was up 30.75 points or 0.67 pct at 4,610.11.

InBev was up 1.88 eur or 3.11 pct at 62.33 eur. The group's rating was upped to 'buy' from 'hold' and its target price raised to 70.0 eur from 51.0 at Citigroup in anticipation of industry consolidation.

Supermarket group Delhaize rose 0.73 eur or 1.00 pct to 73.95 eur.

Utility Suez was up 0.41 eur or 1.00 pct at 41.28 eur.

For the heavyweight financials, Fortis was up 0.26 eur or 0.87 pct at 30.24 eur, KBC Group was up 0.23 eur or 0.24 pct at 98.05 eur and Dexia fell 0.25 eur or 1.06 pct to 23.42 eur.

Barclays said it is raising its offer for ABN Amro, helped by the sale of up to 9.0 bln stg of its shares to government-controlled Asian investors China Development Bank and Temasek.

In a statement, Barclays said it is using the proceeds of the sale to increase its all-share 65 bln eur bid for ABN to 67.5 bln eur, and to introduce a cash element to the offer of 24.8 bln eur, or 37.0 pct.

That remains below the 71.1 bln eur bid, including a 93 pct cash component, tabled last week by a consortium consisting of Royal Bank of Scotland, Banco Santander Central Hispano and Fortis.

Dexia declined to comment on market rumours that it will launch a counter-bid for German public finance group Depfa Bank following Hypo Real Estate's 5.7 bln eur offer.

Earlier this month it had been rumoured that Dexia would make on offer for the group, though analysts later said there would not be any rationale to the move as there is too much overlap between the two companies.

Mobistar was down 0.34 eur or 0.56 pct at 60.40 eur. The mobile telecoms group was cut to 'equal weight' from 'overweight' at Lehman Brothers. Its target price was cut to 62.0 eur from 71.0 at KBC Securities.

Outside the Bel 20, gas distribution group Distrigas was up 144.0 eur or 3.00 pct at 4,950.00 eur.

Cumerio was down 0.05 eur or 0.17 pct at 29.94 eur. Norddeutsche Affinerie said nothing has been decided yet with A-TEC Industries on the Austrian group's industrial position and shareholding strategy over the German copper group's proposed merger with its Belgian peer.

'Nothing has been decided yet. Everything is still in discussions. (Everything) is on the table,' a NA media representative said. [e-mail] sz/rfw/sz/rfw COPYRIGHT Copyright AFX News Limited 2007. All rights reserved. The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.