A private-equity battle for a U.K. supermarket chain highlighted an otherwise quiet day in European stocks on Monday, with the key U.S. market shut for a holiday.
Wm Morrison Supermarkets MRW, 11.55% rose 11% to 267 pence after Apollo Global Management said it was considering a counterbid for the U.K. chain, following an agreed £6.3 billion ($8.7 billion), or 254 pence per share, bid from a consortium led by Fortress Investment Group. Clayton, Dubilier & Rice previously made an offer for the country’s number-four supermarket chain.
Rival U.K. food retailers including Marks & Spencer MKS, 2.92% and J Sainsbury SBRY, 2.28% also rose.
Électricité de France EDF, -1.36% shares slumped, after France’s finance minister, Bruno Le Maire, said it would be difficult for the country to agree to the European Commission’s requests on a reorganization of the power generator.
Broader markets drifted lower with U.S. markets closed for the Independence Day holiday. The Stoxx Europe 600 SXXP, 0.34% slipped 0.2%. U.S. stock futures ES00, 0.06% NQ00, -0.13%, which are trading electronically, also edged lower.
The S&P 500 SPX, +0.75% ended nearly 2% higher last week, and settled at a record high for the 36th time of the year following news that the U.S. economy added 850,000 jobs but the unemployment rate ticked higher.