LONDON May 19 European stocks edged lower on
Monday, with British pharma group AstraZeneca weighing
after it rejected a takeover bid, while broader sentiment was
capped by an uncertain economic picture.
Shares in AstraZeneca fell 12.8 percent after it rejected a
sweetened "final" offer from Pfizer, leaving it
uncertain if the U.S. drugmaker would pull off its plan to
create the world's biggest pharmaceuticals group.
The stock knocked 2 points off the pan-European FTSEurofirst
300 index, which was down 2.8 points, or 0.3 percent,
at 1,358.21 points at 0708 GMT.
News that China is tightening its grip on interbank lending
to defuse risks in shadow banks capped investor sentiment in
After disappointing economic data from some key euro zone
countries last week, investors were reluctant to push main
regional indexes to multi-year highs hit last week in the
absence of fresh positive catalysts.
(Reporting By Francesco Canepa; Editing by Lionel Laurent)