LONDON, Nov 20: European stock markets slid on Monday as falling crude oil prices took their toll on the energy sector, amid an improved takeover bid for the London Stock Exchange by US exchange Nasdaq.
The British capital's FTSE 100 index of leading shares dropped 0.51 per cent to 6,160.30 points, Frankfurt's DAX 30 index drooped 0.42 per cent to 6,385.27 and in Paris the CAC 40 reversed 0.70 per cent to 5,401.53 points.
The DJ Euro Stoxx 50 index of top eurozone shares lost 0.61pc in value to 4,054.96 points. The euro stood at 1.2846 dollars.
US investors had propelled the blue-chip Dow Jones stock index to a record close on Friday, overcoming earlier losses caused by a weak report on the housing market.
The European energy sector suffered losses Monday as crude prices continued falling on mild US weather, ample supplies of heating fuel and confusion over planned production cuts by the powerful Opec oil cartel, dealers said.
The price of New York crude had plummeted last week to the lowest level since June 2005.
In Paris, shares in oil and gas giant Total fell 0.92 per cent to 53.95 euros.
In London, BP sank 1.12 per cent to 575.5 pence, and Anglo-Dutch peer Royal Dutch Shell saw its 'B' shares drop 1.06 per cent to 1,875 pence.However, British commercial television network ITV was the biggest faller, plunging 2.59 per cent to 112.75 pence after satellite broadcaster BSkyB bought a 17.9-per cent stake in the group late last Friday.
BSkyB's purchase was perceived by industry analysts and the British media as a move aimed at preventing a potential takeover of ITV by US cable giant NTL.
Meanwhile, investors were absorbing news on Monday that the US Nasdaq stock exchange has launched an improved takeover bid for the LSE worth 2.9 billion pounds, in a further sign that US financial companies are muscling in on the European share trading sector.
The LSE share price rocketed 5.75 per cent to 1,288 pence. The capital's FTSE 250 index, on which the group trades, eased 0.03 per cent to 10,707.70 points.
The increased bid, equivalent to 4.3 billion euros or $5.5 billion, was pitched at 1,234 pence per share.
The technology-weighted Nasdaq, which was already the biggest shareholder in Europe's biggest stock market, added that it now owned 28.75 per cent of LSE stock.
In US deals before the weekend, the Dow Jones Industrial Average closed up 0.30 per cent at 12,342.56 points, notching up a fresh record closing high.
The Nasdaq composite shed 0.13 per cent to 2,445.86 while the broad-market Standard and Poor's 500 index closed 0.10 per cent higher at 1,401.20. Both indexes are around multi-year highs.—AFP