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European equities trade near one-month low, telecoms slump

Published 04/04/2016, 09:01
Updated 04/04/2016, 09:10
© Reuters. Traders work at their desks in front of the German share price index, DAX board, at the stock exchange in Frankfurt
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LONDON (Reuters) - European shares fell to near a one-month low on Monday, with telecom shares slumping after talks between Orange (PA:ORAN) and Bouygues (PA:BOUY) on a deal to create a dominant French telecoms operator collapsed.

The STOXX Europe 600 Telecommunications index (SXKP) fell 2 percent, the top sectoral decliner, following the failure on Friday of the proposed 10 billion euro ($11.4 billion) cash-and-share deal.

Shares in Orange fell 6.8 percent, Bouygues slumped 15.7 percent, Iliad (PA:ILD) fell 14.5 percent and SFR (PA:NUME) dropped 16.5 percent.

© Reuters. Traders work at their desks in front of the German share price index, DAX board, at the stock exchange in Frankfurt

The pan-European FTSEurofirst 300 index (FTEU3) was down 0.2 percent in early trading after falling 1.5 percent to a one-month low in the previous session.

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