AstraZeneca board reject Pfizer`s `final` proposal; shares down 13% . . . . . . . . . . . . . Most of the European stocks opened lower on Monday, pressured by news of AstraZeneca rejecting a final takeover offer from Pfizer, where the news took its toll on the market pushing equities down in London. The early part of the European session has brought further losses to the front, with no major economic data on the calendar this morning. But few corporate news came with much pressure and disappointment today starting with Britain`s AstraZeneza rejecting a revised takeover offer from US drugmaker Pfizer. As of 03:28 a.m. ET, the Stoxx Europe 600 was down 0.23% or 0.79 point at 338.20. Pfizer`s final 69.4 billion-pound proposal was rejected as too low by AstraZeneza shareholders, who said the prices would have to more much around 59 pounds a share, comapred with what the US drugmaker has finally offered at 55 pounds. AstraZeneza shares dropped as low as 13% in London earlier this morning following the announcement London`s FTSE 100 lost 0.40% or 27.46 points to 6,827.35 Also on the corporate front, Deutsche Bank sold about 60 million shares worth 8 billion euros to Qatari royal family. Deutsche Bank shares plunged as low as 3% in Fankfurt following the announcement. Germany`s DAX 30 lost 0.18% or 17.80 points to 9,611.30. France`s CAC 40 was litte changed around 4,456.34. #egyptyard
Posted on: Mon, 19 May 2014 10:32:04 +0000
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