The European equities markets were lower on the session Wednesday as investors worried about what effect the new Democratic majority in the House of Representatives in the United States would have on business. The FTSE Eurofirst 300 dropped 0.7 percent to 1,469.90. Elsewhere, the Xetra Dax in Germany was 0.2 percent lower to 6,318.43, London’s FTSE 100 fell 0.1 percent to 6,208.1, and the CAC 40 was even in Paris.
The MAN/Scania takeover story was in the news again after it seemed less likely that MAN’s attempt to purchase Scania would be successful. Part of this feeling was due to the fact that on Tuesday Investor, one of Scania’s largest shareholders, had increased its voting share in the Swedish truck-maker to 20 percent. Another factor might be the sudden resignation of Volkswagen’s chief executive. Volkswagen is also a major shareholder in Scania.
Scania’s A shares, with most of its voting rights, dropped 2.1 percent to SKr507, while its B shares fell 2.4 percent to SKr482. Investor was 0.9 percent lower to SKr162.50, while Volkswagen dropped 1.5 percent to €80. Only MAN saw gains, adding 0.2 percent to €73.
Aerospace company EADS added 3.2 percent to €21.33 on sales that were 14 percent higher in the third-quarter even though delays in the delivery of its A380 super jumbo jet have brought cancellations of some orders for the new aircraft.