European shares slip from 7-1/2 year high

lunes 23 de marzo de 2015 05:06 GYT

* FTSEurofirst 300 down 0.5 pct, after gaining 0.8 pct on Fri

* Pirelli rises after takeover bid from ChemChina

* European exporters getting expensive -JPMorgan

By Blaise Robinson

PARIS, March 23 (Reuters) - European shares slipped on Monday, taking a breather following recent sharp gains, while shares in Pirelli rose 3.5 percent after China National Chemical Corp agreed to buy the tyre maker in a 7.1 billion euro ($7.66 billion) deal.

The acquisition, agreed with Pirelli shareholders on Sunday, will see state-owned ChemChina take over the world's fifth-largest tyre maker and one of the symbols of Italy's manufacturing industry.

At 0849 GMT, the FTSEurofirst 300 index of top European shares was down 0.5 percent at 1,602.62 points, after climbing 0.8 percent on Friday and hitting a 7-1/2 year high.

"Markets are taking a breather, and there's just no positive catalyst seen in the short term," Saxo Bank trader Andrea Tueni said.

"In relative terms, equities remain very attractive versus bonds, but after such a rally people are tempted to just book some profits, especially ahead of Tsipras's visit to Berlin," he said.   Continuación...