European stocks slip as Carrefour abandons takeover talks

European stocks slip as Carrefour abandons takeover talks

European stocks slipped on Monday as French retailer Carrefour tumbled after ending 16.2 billion euro ($19.57 billion) merger talks with Alimentation Couche-Tard, with worries about a slow economic recovery keeping investors on edge.

The pan-European STOXX 600 index slipped 0.2% by 0810 GMT, extending losses from Friday when the benchmark index snapped a four weeks of gains.

A better-than-expected quarterly rebound for China‘s economy failed to excite investors who feared that soaring COVID-19 cases and tight restrictions in continent could dent growth in the first quarter.

Carrefour fell 5.9% in early deals after its takeover talks with Canada’s Alimentation Couche-Tard failed and the two sides decided to work on partnership opportunities.

The stock had shed nearly a third of its gains after the French government opposed the deal last week.

Shares in carmaker Stellantis rose almost 3% in its first day of trading in the Paris stock market on the completion of merger between Fiat Chrysler and PSA.

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