European shares edge down
On Monday, European stocks dipped, starting the week with shares of German Bayer AG edging down after bidding for Monsanto Co, chemicals heavyweight.
The Stoxx Europe 600 went down 0.6%, trading at 335.98, thus compensating a portion of Friday’s 1.2% surge, which locked in a second straight weekly revenue for the pan-European index.
Stocks of Bayer AG sagged 3.2% after the chemicals and drug maker informed it made an all-cash offer to purchase Monsanto Co. for about $62 billion or simply $122 per share. The bid values of Monsanto appeared to be 37% higher the company’s closing share price on May 9, just the day before it made a written proposal to the American company.
Stocks of Fiat Chrysler Automobiles NV descended 5% right after a report by German newspaper Bild, according to which German regulators suspect the car producer of employing illegal software in order to cheat on emissions tests. Last week Fiat refused to have a meeting with regulators to discuss the issue.
Investors will keep an eye open on the first reading of the eurozone purchasing managers’ index for May, for both manufacturing and services.