A private-equity battle for a U.K. supermarket chain highlighted an otherwise quiet day in European stocks on Monday, with the key U.S. market shut for a holiday.
Wm Morrison Supermarkets
MRW,
+10.97%
rose 11% to 267 pence after Apollo Global Management said it was considering a counterbid for the U.K. chain, following an agreed £6.3 billion ($8.7 billion), or 254 pence per share, bid from a consortium led by Fortress Investment Group. Clayton, Dubilier & Rice previously made an offer for the country’s number-four supermarket chain.
Rival U.K. food retailers including Marks & Spencer
MKS,
+3.47%
and J Sainsbury
SBRY,
+1.91%
also rose.
Électricité de France
EDF,
-3.34%
shares slumped, after France’s finance minister, Bruno Le Maire, said it would be difficult for the country to agree to the European Commission’s requests on a reorganization of the power generator.
Broader markets drifted lower with U.S. markets closed for the Independence Day holiday. The Stoxx Europe 600
SXXP,
+0.02%
slipped 0.2%. U.S. stock futures
ES00,
-0.11%
NQ00,
-0.16%,
which are trading electronically, also edged lower.
The S&P 500
SPX,
+0.75%
ended nearly 2% higher last week, and settled at a record high for the 36th time of the year following news that the U.S. economy added 850,000 jobs but the unemployment rate ticked higher.
