European telecom shares slump after Orange-Bouygues talks fail

lunes 4 de abril de 2016 04:44 GYT

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* European telecom shares under pressure

* Orange, Bouygues slump after deal failure

* Pan-European FTSEurofirst 300 index steadies

By Atul Prakash

LONDON, April 4 (Reuters) - European equities hovered close to a one-month low on Monday, with telecom shares slumping after talks between Orange and Bouygues on a deal to create a dominant French operator collapsed.

Shares in French group Bouygues slumped almost 15 percent to 30 euros and were heading for their worst day in 17 years.

The STOXX Europe 600 Telecommunications index was down 1.2 percent after hitting a one-month low following the failure on Friday of the proposed 10 billion euro ($11.4 billion) cash-and-share deal.

Orange was down 5.3 percent. Other French telecom firms also dropped sharply, with Iliad down 14 percent, SFR down 14 percent and Altice down 14 percent.   Continuación...