(Reuters) -European shares retreated on Monday, having come close to record highs in the previous session on optimism around U.S. monetary policy easing, while shares of JDE Peet’s touched a three-year high following a buyout deal.
JDE Peet’s surged 17.2%, touching its strongest level since September 2022, after Keurig Dr Pepper said it would buy the Dutch coffee company in a 15.7 billion euro ($18.4 billion) deal.
JDE Peet’s was valued at 12.76 billion euros as of last close.
Broader markets came under pressure following Friday’s surge when U.S. Federal Reserve Chair Jerome Powell pointed to a possible interest rate cut next month, citing rising risks to the job market.
The pan-European STOXX 600 index was down 0.3% as of 0722 GMT. The German DAX dropped 0.5% and France CAC 40 slid 0.4%. British stocks were closed for a public holiday.
A big drag on the STOXX 600 was Denmark’s Orsted, which tumbled 15.5% after the Trump administration ordered the company to stop far-advanced construction on an offshore wind project near Rhode Island.
Orsted said it would proceed with the planned rights issue despite the U.S. order.
Other renewable energy firms including Vestas Wind and Siemens Energy added 3.2% and 2%, respectively.
French drugmaker Valneva slumped almost 20% after the U.S. Food and Drug Administration suspended its license for chikungunya vaccine Ixchiq with immediate effect.
(Reporting by Sruthi Shankar in Bengaluru; Editing by Mrigank Dhaniwala)
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