Europe: Shares pause; Pirelli rises after deal

[PARIS] European shares slipped on Monday, taking a breather following recent sharp gains, while shares in Pirelli rose 2.1 per cent after China National Chemical Corp agreed to buy the tyre maker in a 7.1 billion euro deal.

The acquisition, agreed with Pirelli shareholders on Sunday, will see state-owned ChemChina take over the world's fifth-largest tyre maker and one of the symbols of Italy's manufacturing industry.

At 0805 GMT, the FTSEurofirst 300 index of top European shares was down 0.4 per cent at 1,605.03 points, after climbing 0.8 per cent on Friday.

REUTERS