European Stocks Continue Downward Spiral as AbbVie Abandons Shire Deal

European stock indices resume their slide, with indices declining for the eighth consecutive day and Ireland’s Shire extending Wednesday’s losses after AbbVie’s board said that pending U.S. tax changes mean its $51 billion takeover of the maker of the Vyvanse hyperactivity drug is too risky and the price-tag too high. Another deal in jeopardy is German utility RWE’s $6.5 billion sale of its Dea oil and gas business to a vehicle backed by Russian tycoon Mikhail Fridman. Shares in the seller decline on expectations the U.K. will block the deal.