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Market Update

European Markets Down; AstraZeneca Rejects Pfizer Bid

May 19, 2014

U.K. markets led declines in Europe Monday after British pharmaceutical major AstraZeneca rejected Pfizer's improved takeover bid.

The FTSE declined 0.5%. The CAC 40 Paris slipped 0.1% while the DAX was down 0.3%.

Stocks on the Move

AstraZeneca plunged almost 15% after the company said Pfizer’s improved bid of 69.4 billion pounds was too low.

Shares of discount airline Ryanair PLC soared 5.5% after the company reported an increase in full-year sales.

Mitie Group gained a percent after it too said full-year sales beat expectations.

Alstom gained 1.6%. Reuters reported citing sources that Germany’s Siemens is working on a formal asset-swap offer for Alstom’s power business that could come as early as this week.

Over in Frankfurt, Adidas AG declined almost a percent after the sporting goods company’s chief executive said more time would be needed to meet their 2015 sales and margin targets.

Deutsche Bank AG was down about half a percent after the lender sold about 60 million shares to the Qatari royal family.

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