LONDON (TheDeal) -- European markets rose on Friday, as overnight gains on Wall Street provided a welcome distraction from the latest Greek eurozone cliffhanger, at least for now.

In London, the FTSE 100 was up 0.74% at 6,757.54, while in Frankfurt, the DAX added 1.10% to 11,222.78 and in Paris, the CAC 40 climbed 1.23% to 4,862.44.

The Athens Stock Exchange General Index was up 0.15%, while the OMX Copenhagen Index rose 1.03% as the anti-immigration Danish People's Party claimed victory in national elections.

Gains in benchmark indices were tempered by continued uncertainty over Greece, with time quickly running out before Athens' existing bailout agreement is due to end on June 30 and the Greek financial sector teetering again on disaster. The European Central Bank is scheduled to hold an emergency meeting Friday to discuss whether to pump more liquidity into Greek banks.

On the political front, E.U. leaders will gather in Brussels Monday night for yet another emergency summit after eurozone finance ministers failed to come up with a solution Thursday in Luxembourg.

In London, U.K. data and networking provider Colt (CLTZF) soared more than 20% on news of a take-private offer from its largest shareholder, U.S. fund manager Fidelity, in an offer that values the company at GBP 1.7 billion ($2.7 billion).

Fidelity already owns more than 60% of Colt, which swung to a loss last year. Fidelity said a company owned by its FMR and FIL  units will offer 190 pence a share in cash for the remaining shares, or 21% above the target's Thursday close in London.

Colt responded that the offer undervalues the company but stopping shy of an outright rejection. "The independent directors believe that the financial terms of the offer may be considered by some shareholders to be acceptable in the circumstances, and accordingly make no recommendation to shareholders whether or not to accept the offer," it said in a statement.

Also in London, BP (BP) was up slightly. The company announced an agreement to pay Russia's OAO Rosneft $750 million for a stake in an East Siberian oil producer through a new joint venture. The companies also agreed to jointly explore two areas in the West Siberian and Yenisey-Khatanga basins covering a combined area of about 260,000 square kilometers.

In Lisbon, Banco BPI  (BBSPY) fell after Spain's CaixaBank  (CIXPFwithdrew its takeover offer for the Portuguese lender. CaixaBank rose in Madrid.

In a statement late Thursday following a board meeting, CaixaBank said it will "initiate a period of analysis of the strategic alternatives available" regarding its 44.1% stake in BPI.

CaixaBank is BPI's largest shareholder though with only 20% of voting rights. It unveiled a full takeover offer in February that was conditional on removal of the voting-rights restriction, which was rejected by BPI shareholders on Wednesday.

The decision by CaixaBank is a victory for BPI's second-largest shareholder, Santoro Finance, a Lisbon-based holding company owned by Angolan investor Isabel dos Santos, with an 18.6% BPI stake. It's been campaigning for BPI to join forces with domestic peer Banco Comercial Portugues to form a large Portuguese bank with operations in Angola, Mozambique and Poland.

It remains to be seen whether BPI will decide to pursue a merger with BCP, and what CaixaBank decides to do with its existing stake in BPI. Some analysts suggest CaixaBank may reduce or even completely divest that shareholding.

Later today, investors' attention will shift to the U.S., where the Federal Reserve Bank of Atlanta is due to release its monthly measure of year-ahead inflation expectations.

Asian stocks were mostly higher.

In Hong Kong, the Hang Seng inched up 0.25% to 26,760.53, while in Tokyo the Nikkei rose 0.92% to 20,174.24.

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