Billiton boosts European shares to 7-yr high

London - European shares hit fresh seven-year highs on Tuesday on the back of better-than-expected results at BHP Billiton and expectations of cost savings at network operator Telefonica Deutschland from its E-Plus buy.

Greece's future in the eurozone was also in focus, meanwhile, after the European Commission said a list of economic reform plans submitted by Greece was "sufficiently comprehensive".

Shares in BHP rose 3.6%, driving a sector rally, after the global miner beat market forecasts by posting a smaller-than-expected drop in half-year profit. Telefonica Deutschland rose more than 7% after revealing expectations of more than €250m in savings for 2015.