European Stocks Close Mixed as AstraZeneca Rejects Bid

LONDON -- European equities closed mixed Monday, with London hit after AstraZeneca (IW 1000/157) rejected Pfizer's (IW 500/22) final takeover bid, while Frankfurt and Paris rose.

London's FTSE 100 index of top companies gave up 0.2% to close lower at 6,844.55 points.

Converselyl, Frankfurt's Dax 30 gained 0.3% to 9,659.39 points, while the CAC 40 in Paris ended the day up 0.3% at 4,469.76 points, compared with Friday's closing values.

Italian stocks plunged more than 3% at one stage, with banks leading a slump that was mainly owing to technical reasons related to dividend payouts.

A merger between the two companies would create a potent rival to cable TV giant Comcast, which hopes to expand its coverage with the pending takeover of Time Warner Cable.

The European single currency rose to $1.3716 from $1.3695 late in New York on Friday.

The euro fell to 138.90 yen, having fallen earlier to 138.67, the lowest level since the beginning of February, from 139.08 late on Friday.

The dollar also fell to 101.27 yen, having reached 101.10 earlier and the lowest level for three and a half months, from 101.54 on Friday.

Sterling steadied at 81.55 pence to the euro, and rose to $1.6822.

The yuan was at 6.2373 to the dollar from 6.2334.

The price of gold advanced to $1,299.40 an ounce on the London Bullion Market from $1,291.50 on Friday.

Copyright Agence France-Presse, 2014