European Stocks Dip on Tech Selloff and Carlsberg’s Failed Takeover Bid

European shares opened lower on Friday, led by a decline in technology stocks and a sharp drop in Carlsberg Group shares following the rejection of its takeover bid for British soft drinks maker Britvic.

The pan-European STOXX 600 index fell 0.2% in early trading, with the technology sector experiencing a 0.6% decrease after a nearly 2% rise in the previous session. Construction and materials also faced a 0.7% decline, while retail slipped 0.5% due to B&M’s 1.8% drop following a downgrade by Morgan Stanley.

Despite the early losses, the European benchmark index is still on track for modest weekly gains, recovering from a more than 2% drop last week triggered by political turmoil in France.

In other notable developments, Denmark’s Zealand Pharma surged 23.1% after promising results from an early-stage study on its weight-loss drug. Meanwhile, Carlsberg Group shares plummeted nearly 6% as Britvic rejected its $3.9 billion revised takeover proposal, citing undervaluation. Britvic’s shares soared 14.4% on the news.