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European stocks declined as a report sparked concern a rescue plan for Cyprus that involves shrinking its banking system may set a precedent for other euro- area lenders.
The Stoxx Europe 600 Index (SXXP) slid 0.3 percent to 293.25 at the close of trading, after rising as much as 1 percent and falling as much as 0.5 percent. The index has still gained 4.9 percent so far this year.
National benchmark indexes fell in 13 of the 17 western European markets open today.
FTSE 100 6,378.38 -14.38 -0.22% CAC 40 3,727.98 -42.31 -1.12% DAX 7,870.9 -40.45 -0.51%
Meyer Burger dropped 5 percent to 6.66 Swiss francs after saying it will raise 150 million francs ($158 million) by selling new stock to existing shareholders. The supplier of machinery to solar-panel makers reported a full-year net loss of 2.33 francs per share.
Remy Cointreau SA declined 2.5 percent to 89.58 euros after Nomura Holdings Inc. lowered its recommendation on the maker of Remy Martin cognac to reduce from neutral, citing a demand slowdown in China.
Vodafone rose 2 percent to 187.2 pence. The Sunday Times reported that Europe’s largest mobile-phone operator held talks with Verizon to sell its stake in Verizon Wireless for $135 billion. The paper cited unnamed people familiar with the matter.
Metso Oyj (MEO1V) surged 9.6 percent to 33.75 euros, the biggest increase since July 26. The Finnish maker of rock crushers is studying the possibility of separating its pulp, paper and power businesses into a new company that would be listed in Helsinki, according to a statement.
CSM NV rallied 6.4 percent to 17.52 euros, the biggest jump since May, after agreeing to sell its bakery-supplies unit to Rhone Capital LLC for an enterprise value of about 1.05 billion euros. The Dutch maker of bakery supplies and lactic acids, which put up the unit for sale in May, said it expects net cash of about 850 million euros from the deal.
Daily Mail & General Trust Plc increased 2.6 percent to 705 pence after the newspaper publisher left its revenue projection for the year unchanged and said it will continue a share buyback program.
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