European Stocks Edge Lower; Konecranes Soars on New Terex Deal
Frankfurt (May 16) European stocks edged lower on Monday after Chinese data released over the weekend came in weaker than expected.
On a quiet day for trading, with Germany and its stock market closed and France also taking a public holiday, the FTSE 100 was down 0.40% at 6,113.87. In Paris, the Cac 40 fell 0.93% to 4.279.77
S&P 500 mini futures were recently up 0.05%.
Brent crude was recently up 1.44% at $48.52 a barrel and West Texas intermediate was up 1.38% a $46.85.
Chinese data out over the weekend showed both industrial output and retail sales expanded less than expected in April.
Philips fell 3.5% in Amsterdam. The company set an indicative price range for the Amsterdam IPO of its lighting unit that would value the business at up to 3.4 billion ($3.8 billion).
In Helsinki, cranes maker Konecranes (KNCRY) surged 19%. It arranged to pay $1.3 billion for the materials handling unit of Terex (TEX) as the two sides tore up an August merger deal worth a 1.8 billion. The terms of the latest agreement allows Terex to continue talks about a full or partial takeover offer from China's Zoomlion, with Konecranes in line for a $37 million breakup fee if the materials handling deal is scrapped by May 31. Zoomlion closed up 2.2% in Hong Kong amid reports of a new deal.
Telecom Italia (TI) was up 3.7% in Milan after the company on Friday more than doubled its cost-cutting target as it reported a bigger-than-expected decline in first-quarter profit .