U.K. Stocks Decline for Third Day; Severn Trent, Vodafone Drop
U.K. stocks retreated for a third day amid an increase in mergers-and-acquisition activity.
Severn Trent Plc plunged 7.9 percent as a deadline for a takeover offer expired. Vodafone Group Plc lost 1.2 percent after the world’s second-largest wireless carrier confirmed it approached Kabel Deutschland Holding AG about a takeover.
The FTSE 100 Index fell 13.96 points, or 0.2 percent, to 6,326.12 at 9:21 a.m. in London. The equity benchmark has lost 7.5 percent since Federal Reserve Chairman Ben S. Bernanke said May 22 that the central bank may scale back stimulus if the U.S. economy improves sustainably. The broader FTSE All-Share Index also slid 0.2 percent today, while Ireland’s ISEQ Index gained 0.2 percent.
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