European Stocks Trend Slightly Lower in Monday Trading; Iran Reportedly Proposes Opening Strait of Hormuz if US Ends Blockade, War
The European stock markets were tracking lower in Monday trading amid reports that Iran has proposed reopening the Strait of Hormuz in exchange for an end to the US blockade and the war.The Stoxx Europe was off 0.3%, Germany's DAX was declining 0.2%, the FTSE 100 was down 0.5%, France's CAC was 0.3% lower, and the Swiss Market Index was down 0.2%.And in corporate news, Shell has signed a definitive agreement to acquire ARC Resources in a cash-and-share deal valued at about 22 billion Canadian dollars ($16.17 billion), ARC said Monday. The acquisition is expected to close in H2, ARC said.Under the terms of the deal, ARC shareholders will receive 0.40247 of a Shell share and CA$8.20 in cash consideration in exchange for each ARC share they own, representing a total consideration of CA$32.80 per ARC share.Shares of the British oil and gas giant were down close to 2% in London.The UK's Seagreen wind farm, which is 25.5%-owned by TotalEnergies, has delayed a fixed-price government contract, preferring to sell electricity at higher market rates, Bloomberg reported Monday, citing data that it compiled.Seagreen will delay the contract until fall, instead of starting at the end of March, Bloomberg reported, citing the data. Seagreen is 49%-owned by SSE Renewables, while Thailand's PTTEP owns a 25.5% share, according to TotalEnergies' website.TotalEnergies and SSE did not immediately respond to' requests for comments.Shares of the French oil and gas giant were off 0.4% in Paris.GSK has closed a deal under which Alfasigma acquired the global exclusive rights to develop, manufacture, and commercialize linerixibat, Alfasigma said Monday.Under the deal terms, GSK will receive a $300 million upfront payment plus $100 million for the US Food and Drug Administration approval. GSK is also eligible to receive $20 million upon European Union and UK approval, and up to $270 million in sales-based milestone payments.Shares of the British pharmaceutical company were tracking 0.4% lower in London.Novartis said Monday the European Commission approved Rhapsido for adults with chronic spontaneous urticaria who inadequately respond to traditional antihistamines.Clinical trials demonstrated symptom improvements by the first week with a favorable safety record and no liver issues, the company said.Shares of the Swiss pharmaceutical company were marginally lower in Zurich.Astrazeneca said Monday its Saphnelo Pen has been approved in the US as a once-weekly self-administered subcutaneous treatment of adult patients with systemic lupus erythematosus in addition to standard therapy.The US Food and Drug Administration's approved was based on results from a phase 3 trial.Shares of Astrazeneca were up 0.4% in London.