This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

Europe Stocks Slip; AstraZeneca Rejects 'Final' Pfizer Offer

LONDON (The Deal) -- British drugs company AstraZeneca (AZN - Get Report) on Monday rejected a revised $116 billion approach from larger rival Pfizer (PFE - Get Report), which the U.S. company had said was a final offer. AstraZeneca Chairman Leif Johansson told a radio interviewer this morning he had "no idea" if his board's rejection meant the bid was now dead and said it was now up to shareholders to decide if they would accept Pfizer's cash and shares offer. But the market wasn't taking any chances. AstraZeneca shares were down 11.7% mid-morning at 42.6 pounds -  a long way off Pfizer's offer, which values the stock at 55 pounds a share.

The pharmaceuticals drama -- plus a 2.04% slump for miner Rio Tinto  (RIO) and some uncomfortable April footfall figures for the leading supermarkets -- were enough to drag down the London market. The FTSE 100 was down 0.68% at 6,810. But airlines including the British and Spanish operator International Consolidated Airlines Group and budget carrier Easyjet rose on the news that Irish budget rival Ryanair had done better than expected despite announcing its first fall in profits in five years. Ryanair was up 5.68% at 6.70 euros a share.

In Paris, French bank Societe Generale lost nearly 3% after Jerome Kerviel, the rogue trader whose unauthorized positions cost the bank about 6.7 billion euros in 2008, dramatically turned himself over to the police at the Franco-Italian border. Kerviel had walked back to France from Rome after an audience with the Pope in February. He now faces three years in prison.  

In Paris, the CAC 40 was down 0.74% at 4,423, while in Frankfurt the DAX was off 0.82% at 9,549.

Over in Asia, fears of a slowdown in the Chinese property market and a tightening of shadow banking rules even as the authorities urge the state sector to relax mortgage lending criteria, led to falls in China and Hong Kong. The Shanghai Composite Index closed down 1.05% at 2,005.18, while Hong Kong's Hang Seng Index was off 0.04% at 22,704.5. Meanwhile the possible effects of a Chinese slowdown on iron ore consumption hit big mining companies and pushed Australia's S&P ASX 200 down 1.28% to 5,408.98. In Tokyo, the Nikkei 225 closed down 0.64% at 14,006.44.

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Try it NOW
Only $9.95
Try it NOW
14-Days Free
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG
AZN $69.77 -1.05%
PFE $34.16 -0.41%
AAPL $124.24 0.70%
FB $83.01 0.11%
GOOG $555.17 -0.65%

Markets

DOW 17,678.23 -40.31 -0.23%
S&P 500 2,056.15 -4.90 -0.24%
NASDAQ 4,863.3620 -13.1570 -0.27%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs