European shares fall as worries over Greece offset M&A fever

martes 14 de abril de 2015 10:17 GYT
 

* FTSEurofirst 300 down 0.6 pct, peripherals most hit

* Alcatel surges, Nokia slips on tie-up news

* Greece denies it is preparing for a debt default

By Blaise Robinson

PARIS, April 14 (Reuters) - European stocks fell on Tuesday as renewed worries over Greece offset any positive impact from news of a tie-up between Nokia and Alcatel-Lucent .

Shares in the French telecom gear maker surged 15.4 percent after the two firms said they were in advanced talks for Nokia to take over Alcatel. Nokia shares were down 4.8 percent.

Clairinvest fund manager Ion-Marc Valahu expressed scepticism over the merits of the proposed deal.

"They are two of the weaker players in the industry. They could come up with some cost cuts, but just because you combine one weak player with another weak player does not necessarily mean that you will end up with a stronger player," Valahu said.

The deal added to a recent wave of M&A activity that has helped driven European shares higher. However, it wasn't enough to lift European equity markets overall as investors were spooked by a report saying Greece was preparing for a debt default if it did not reach a deal with its creditors by the end of the month.   Continuación...