European Stocks Lower as Carlsberg Plummets 8% on Rejected Bid; UK Retail Sales Exceed Forecasts
In London, European stocks opened lower Friday morning, with investors closely monitoring central bank decisions and economic data releases. The pan-European Stoxx 600 index extended losses to 0.85% by 11 a.m. London time, driven by a 1.8% decline in bank stocks.
Carlsberg’s shares dropped sharply by 8% after Britvic, a UK soft drinks maker, confirmed rejecting two unsolicited takeover proposals from the Danish beverage giant. Britvic cited that Carlsberg’s latest offer of 1,250 pence per share “significantly undervalues” the company. In response to the news, Britvic shares surged by 11%.
The market reaction highlighted investor sentiment toward M&A activities and corporate valuations in the beverage sector. Analysts are closely observing how these developments may impact sector dynamics and broader market sentiment moving forward.
Meanwhile, UK retail sales data exceeded expectations, providing a positive economic indicator amid the market uncertainties. The upbeat retail sales figures contributed to the complex market landscape, influencing investor sentiment and sector-specific movements.
As the trading day progresses, market participants continue to assess geopolitical developments, economic data releases, and corporate earnings reports, which collectively shape the direction of European equities and global financial markets.