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Most German Stocks Fall as Lufthansa, Adidas Decline

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July 23 (Bloomberg) -- Most stocks in Germany declined, dragging the DAX Index lower for a third day, as Deutsche Lufthansa AG and Adidas AG retreated.

Lufthansa, Europe’s second-largest airline, retreated 2.6 percent for a second day of losses. Adidas lost 1.2 percent. Telefonica Deutschland Holding AG sank 5.4 percent as parent company Telefonica SA agreed to combine the German unit with Royal KPN NV’s E-Plus division. Deutsche Telekom AG, the nation’s biggest phone company, increased 1.7 percent.

The DAX slipped 0.2 percent to 8,314.23 at the close in Frankfurt, as four shares declined for every three that gained. The measure has climbed 9.2 percent this year amid speculation central banks will maintain stimulus measures to support the economy. The broader HDAX Index fell 0.2 percent today.

“The focus today is on telecom stocks due to the KPN-Telefonica deal,” Soeren Steinert, who helps manage about $24 billion as associate director for equities trading at Quoniam Asset Management GmbH in Frankfurt, wrote in an e-mail. “Deutsche Telekom is the top winner.”

The volume of shares changing hands in companies listed on the DAX was 1 percent greater than the average of the past 30 days, according to data compiled by Bloomberg.

Lufthansa slipped 2.7 percent to 15.06 euros as a gauge of travel and leisure companies fell the most of the 19 industry groups in the Stoxx Europe 600 Index.

Adidas, the world’s second-largest sporting-goods maker, lost 1.2 percent to 83.34 euros.

Telefonica Purchase

Telefonica Deutschland retreated 5.3 percent to 5.39 euros, paring yesterday’s 6.8 percent jump. Telefonica agreed to buy E-Plus, KPN’s German wireless unit, in a cash-and-stock deal. The Dutch phone company will get 5 billion euros ($6.6 billion) in cash and a 17.6 percent stake in the combination of E-Plus and Telefonica Deutschland.

Deutsche Telekom increased 1.7 percent to 9.30 euros, a fourth straight advance.

Dialog Semiconductor Plc, a German chipmaker, surged 9 percent to 11.78 euros. The company reported second-quarter sales of $151.7 million, compared with analyst estimates of $150.7 million.

Infineon Technologies AG, Europe’s second-biggest semiconductor producer, increased 1.3 percent to 7.20 euros. Texas Instruments Inc., the world’s largest analog-chip maker, yesterday forecast third-quarter sales and profit that may exceed analysts’ estimates as demand from the automotive and industrial markets helps counter a personal-computer slump.

To contact the reporter on this story: Jonathan Morgan in Frankfurt at jmorgan157@bloomberg.net

To contact the editor responsible for this story: Andrew Rummer at arummer@bloomberg.net

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