March 9, 2017 / 9:51 AM / a year ago

Akzo bucks weaker European stock market open after takeover offer

MILAN (Reuters) - European shares fell in early trading on Thursday, weighed down by oil stocks and some disappointing earning updates, but Akzo Nobel soared after the Dutch paint maker rejected an $22 billion unsolicited bid from U.S. rival PPG.

The sign of AkzoNobel is pictured at its headquarters in Amsterdam February 6, 2014. REUTERS/Toussaint Kluiters/United Photos /Files

By 0826 GMT, the STOXX 600 was down 0.3 percent, with energy stocks being the biggest drag after crude oil prices plunged to their lowest level this year in the previous session.

Akzo Nobel rose 14 percent, leading gainers on the pan-European index. The Amsterdam-based group said PPG’s offer undervalued the company, saying it was instead considering floating or selling its specialty chemicals business.

Top STOXX faller was Domino’s Pizza, down 11 percent after disappointing results. It was followed by Britain’s fourth biggest supermarket Morrisons, which gave a cautious outlook, and French retailer Carrefour, which reported a lower than expected operating profit.

Reporting by Danilo Masoni, editing by Kit Rees

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