European stocks drop after Tokyo losses

August 17, 2010 - 0:0

LONDON (AFP) -– Europe's main stock markets dipped on Monday in the wake of losses in Tokyo after Japan announced a slowing of its growth -- offsetting news of a mega-takeover involving the mining and energy sectors.

The FTSE 100 index of top shares fell 0.25 percent to 5,262.67 points approaching midday trade in London.
Frankfurt's DAX 30 slipped 0.15 percent to 6,103.67 points and in Paris the CAC 40 index dropped 0.73 percent to 3,585.13.
The Stoxx 50 index of top eurozone shares declined by 0.72 percent in value to stand at 2,689.42 points.
London-listed Vedanta Resources said Monday it had agreed to acquire a majority stake in energy explorer Cairn India for up to 9.6 billion dollars (7.5 billion euros) in cash, adding to its core mining business.
""The proposed acquisition significantly enhances Vedanta's position as a natural resources champion in India,"" Vedanta's tycoon owner Anil Agarwal said in a statement.
The announcement sent the share prices of Vedanta and Cairn Energy -- the majority-owner of Cairn India -- to the top of London's FTSE 100 index.
Vedanta shot up 5.55 percent to 2,167 pence and Cairn Energy jumped 3.24 percent to 483.45 pence.