STOCKS NEWS EUROPE-Biotest drops as M&A speculation vanishes
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16:00GMT 04Feb2009-Biotest drops as M&A speculation vanishes
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Shares in German pharmaceutical company Biotest (BIOG.DE) fall 4.8 percent after the company says its majority shareholder, OGEL GmbH, has terminated talks regarding the sale of a major portion of its stake until further notice.
"Takeover speculation has been dealt a blow and investors that have speculated on a deal were disappointed today," says UniCredit analyst Silke Stegemann.
"However, I think the company's investment story remains intact."
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Reuters Messaging rm://christoph.steitz.reuters.com@reuters.net
16:00GMT 04Feb2009-UK defensives down on soft U.S. outlook
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Shares in defensive UK stocks fall, bucking the market trend as the FTSE 100 makes a second day of gains, signalling a cautious easing of risk aversion and as results from U.S. peers give investors the jitters.
Consumer goods group Unilever (ULVR.L), due to report its full-year results on Thursday, is the biggest non ex-dividend FTSE 100 faller, losing 3.8 percent after U.S. food maker Kraft Foods Inc (KFT.N) announces fourth-quarter profit of $163 million, down from $585 million a year earlier.
"It is quite a big negative for a lot of European food names," said a trader in London. "Their (Kraft's) 2009 guidance was weak as well and that is hitting the sector, particularly Unilever."
Cigarette makers Imperial Tobacco (IMT.L) and British American Tobacco (BATS.L) are also hit by U.S. results, falling 3.5 percent and 3.6 percent respectively after U.S. tobacco firm Philip Morris International Inc (PM.N) disappoints investors with a below forecast profit outlook for 2009.
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