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LONDON, July 10: Europe's main stock markets retreated Tuesday on profit-taking as dealers contemplated to Danone's takeover bid for Dutch baby food group Numico.
London's FTSE 100 index of leading shares fell 0.19 per cent to 6,699.80 points, Frankfurt's DAX 30 index sank 0.47 per cent to 8,039.65 points and in Paris the CAC 40 slid 0.24 per cent to 6,089.73.
The DJ Euro Stoxx 50 index of leading eurozone shares lost 0.22 per cent to 4,518.76 points.
The euro stood at $1.3663, closing in on an all-time high against the US currency of 1.3682.
In New York on Monday, US shares saw modest gains after blue-chips flirted with their record high, with investors focusing on takeover news and the start of the quarterly earnings season.
In Amsterdam on Tuesday, shares in Numico soared 23.53 per cent to 57.97 euros, one day after it became a takeover target for French food giant Danone.
But on the Paris exchange Danone shares fell 0.37 per cent to 59.31 euros, after a 3.28-per cent drop on Monday, as brokers deemed its 12.3-billion-euro (16.7-billion-dollar) offer excessive.
Broker Merrill Lynch has downgraded Danone to 'neutral' from 'buy,' echoing similar concerns over price expressed by its US peer Lehman Brothers.
The planned offer comes after Danone began talks last week to sell its biscuit division to US rival Kraft Foods for 5.3 billion euros.
Meanwhile, French car makers Peugeot and Renault saw their share prices fall by 1.62 per cent and 1.47 per cent, to 64.38 euros and 117.33 euros respectively.
Dealers said Peugeot and Renault were hit by profit-taking after strong recent gains that were based on expectations of a strong recovery for the two automakers.
In Frankfurt, BMW fell 1.40 per cent to 48.71 euros. However, DaimlerChrysler rose 1.67 per cent to 70.08 euros after broker UBS lifted its price target on the car maker.
Elsewhere, London-listed mining stocks gave back some of Monday's solid gains as investors cashed in their profits, dealers said.
Back on Wall Street on Monday, the Dow Jones Industrial Average rose 0.28 per cent to close at 13,649.97 points, after earlier reaching within six points of its all-time high of 13,676.32 set on June 4.
The tech-heavy Nasdaq composite gained 0.13 per cent at 2,670.02 points and the Standard and Poor's 500 broad-market index edged up 0.09 per cent to 1,531.85 points.
London's FTSE 100 index of leading shares fell 0.19 per cent to 6,699.80 points, Frankfurt's DAX 30 index sank 0.47 per cent to 8,039.65 points and in Paris the CAC 40 slid 0.24 per cent to 6,089.73.
The DJ Euro Stoxx 50 index of leading eurozone shares lost 0.22 per cent to 4,518.76 points.
The euro stood at $1.3663, closing in on an all-time high against the US currency of 1.3682.
In New York on Monday, US shares saw modest gains after blue-chips flirted with their record high, with investors focusing on takeover news and the start of the quarterly earnings season.
In Amsterdam on Tuesday, shares in Numico soared 23.53 per cent to 57.97 euros, one day after it became a takeover target for French food giant Danone.
But on the Paris exchange Danone shares fell 0.37 per cent to 59.31 euros, after a 3.28-per cent drop on Monday, as brokers deemed its 12.3-billion-euro (16.7-billion-dollar) offer excessive.
Broker Merrill Lynch has downgraded Danone to 'neutral' from 'buy,' echoing similar concerns over price expressed by its US peer Lehman Brothers.
The planned offer comes after Danone began talks last week to sell its biscuit division to US rival Kraft Foods for 5.3 billion euros.
Meanwhile, French car makers Peugeot and Renault saw their share prices fall by 1.62 per cent and 1.47 per cent, to 64.38 euros and 117.33 euros respectively.
Dealers said Peugeot and Renault were hit by profit-taking after strong recent gains that were based on expectations of a strong recovery for the two automakers.
In Frankfurt, BMW fell 1.40 per cent to 48.71 euros. However, DaimlerChrysler rose 1.67 per cent to 70.08 euros after broker UBS lifted its price target on the car maker.
Elsewhere, London-listed mining stocks gave back some of Monday's solid gains as investors cashed in their profits, dealers said.
Back on Wall Street on Monday, the Dow Jones Industrial Average rose 0.28 per cent to close at 13,649.97 points, after earlier reaching within six points of its all-time high of 13,676.32 set on June 4.
The tech-heavy Nasdaq composite gained 0.13 per cent at 2,670.02 points and the Standard and Poor's 500 broad-market index edged up 0.09 per cent to 1,531.85 points.
