FTSE 100 slips as AstraZeneca drops on Bristol Myers merger talks
BMY•AstraZeneca falls on reported merger talks
- AstraZeneca AZN.L shares fell 6.2% as investors questioned the logic of a merger with Bristol Myers Squibb BMY.N after reports they held preliminary talks about forming one of the world's biggest drugmakers. The stock was the top decliner in the FTSE 100.
- "The initial market reaction to the reports is highly circumspect, reflecting understandable caution about the scale of the deal. Major transactions of this kind often run into difficulties around integration and matching up different workplace cultures," said Russ Mould, investment director at AJ Bell.
FTSE 100 and FTSE 250 move in opposite directions
Aug. 3 (Reuters) - The UK's FTSE 100 slipped on Monday as AstraZeneca shares fell on reports of a potential tie-up with U.S. drugmaker Bristol Myers Squibb, while lower oil prices dragged down energy heavyweights BP and Shell.
The blue-chip FTSE 100 index .FTSE fell 0.10% to 10,857.49 points by 0931 GMT, while the mid-cap FTSE 250 .FTMC rose nearly 1% to 24,206.25 points.
Manufacturing data and Clarkson stand out among other movers
- British manufacturing activity expanded for a ninth straight month in July but at the slowest pace in four months, according to S&P Global purchasing managers' data that points to a renewed impact from the Iran war towards the end of last month.
- Among other movers, UK shipping services firm Clarkson CKN.L rose 7.8%, leading gains across all London-listed stocks, after issuing upbeat full-year outlook.
