European benchmarks fell on Friday as the so-called Trump-trade appeared to fade, but London bucked the trend among its continental cousins after drawing a boost from takeover activity and the recovery of formerly ex-dividend stocks.
The FTSE 100 closed 0.30% higher at 7,299 while the DAX in Germany was flat at 11,757 and the CAC 40 in France fell by 0.65% to 4,867.
Unilever has rejected the offer and dismissed the idea of engaging in further talks. In a possible throwback to the controversial Kraft-Cadbury takeover of 2009, the U.S. suitor told investors that it looks forward to engaging further with the company and being able to agree to a deal.
The news prompted a broad rally across the consumer goods and healthcare space, sending Reckitt Benckiser (RBGLY) close to the top of the FTSE 100 after the shares gained 2.8%.
Astrazeneca (AZN) also stock rose on Friday after the company said that its Lynparza drug fared well in clinical trials of its effectiveness as a breast cancer treatment.
The announcement came just a day after the FDA granted approval for Siliq, a psoriasis treatment, which triggered a $130 million payment from development partner Valeant Pharmaceuticals (VRX) .
Elsewhere in the world, markets were weighed down by a weak banking sector, which was hit particularly hard by renewed concerns over the durability of the Trump administration.
In London, Standard Chartered (SCBFF) topped the list of fallers on the FTSE 100, after being downgraded by analysts at Credit Suisse (CS) , just one week ahead of its full-year results. The shares fell more than 4% amid broad weakness in banking stocks.
In Germany, Volkswagen (VLKAY) stock fell 2.51% to the bottom of the DAX on Friday after it said that worldwide sales were hit during January by a steep fall in Chinese demand, with tax rises and a dispute with Audi dealers responsible for the slump.