LONDON — European stocks reversed earlier losses to close higher on Monday, following jitters in global markets over a more hawkish tone from the U.S. Federal Reserve.
In terms of individual share price movement in Europe, British supermarket chain Morrisons surged 34.6% after rebuffing a proposed £5.52 billion ($7.62 billion) takeover from private equity firm Clayton, Dubilier & Rice on the grounds that it “significantly undervalued the company and its potential.” The rejection prompted speculation that CD&R will be forced to raise its offer.
At the bottom of the European blue chip index, German telecoms company Freenet fell 6.9%.
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