European stocks slip as Carrefour abandons takeover talks

MG News | January 18, 2021 at 02:18 PM GMT+05:00

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January 18, 2021: European stocks slipped on Monday as French retailer Carrefour tumbled after ending 16.2 billion euro ($19.57 billion) merger talks with Alimentation Couche-Tard, with worries about a slow economic recovery keeping investors on edge.

The pan-European STOXX 600 index slipped 0.2% by 0810 GMT, extending losses from Friday when the benchmark index snapped a four weeks of gains.

A better-than-expected quarterly rebound for China's economy failed to excite investors who feared that soaring COVID-19 cases and tight restrictions in continent could dent growth in the first quarter.

Carrefour fell 5.9% in early deals after its takeover talks with Canada's Alimentation Couche-Tard failed and the two sides decided to work on partnership opportunities.

The stock had shed nearly a third of its gains after the French government opposed the deal last week.

Shares in carmaker Stellantis rose almost 3% in its first day of trading in the Paris stock market on the completion of merger between Fiat Chrysler and PSA.

Reuters

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