Global Stocks Climb Higher but French Telecom Dealmaking Excitement Abates

European and Asian stocks build on Tuesday’s gains though investors in Paris mark Orange down after France’s leading telecoms operator says it’s studied how it can participate in the country’s telecoms consolidation but ruled out making a move for now. The announcement means it won’t be bidding for the telecoms unit of Bouygues, the No. 3 player, whose shares also fell. Meanwhile, Destination Maternity wants to snuggle up with Mothercare but the Philadelphia retailer just can’t get the attention it craves from its British peer, who says its $456 million offer is too low and too risky.