AstraZeneca weighs on Europe shares as it rejects Pfizer bid

lunes 19 de mayo de 2014 04:09 GYT

* FTSEurofirst 300 down 0.4 pct, FTSE down 0.5 pct

* AstraZeneca falls 14 pct as it rejects "final" Pfizer bid

* Deutsche Bank down 0.9 pct as it unveils cap hike

By Francesco Canepa

LONDON, May 19 (Reuters) - 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 14 percent after it rejected a sweetened "final" cash-and-stock 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 had risen nearly 30 percent since mid-April, when speculation about a Pfizer interest first emerged.

"People are getting stopped out of AstraZeneca," Mark Ward, head of execution trading at Sanlam Securities, referring to a situation where an automated sell order is generated after a stock falls below a pre-determined level.

"We've been buying it this morning because we're pretty confident that Pfizer is going to come back with an all-cash offer which AstraZeneca's board might accept."   Continuación...