KKR's Delay on Alliance Boots Loans Places `Moratorium' on LBOs, UBS Says

(Bloomberg) -- Delays in financing the takeover of
Alliance Boots Plc have placed a ``moratorium on large-scale
leveraged buyouts'' that may weigh on European stocks, according
to a UBS AG strategist.

Shares of companies that have benefited from bid
speculation, including Adidas AG, Smith & Nephew Plc and Reed
Elsevier Plc, ``are less likely to retain a private equity''
support to their valuations, Daniel Stillit, London-based market
analyst at UBS, wrote in a report today. All three stocks have
risen at least 13 percent this year.


Read more at Bloomberg Bonds News

European Stocks Decline, Led by Nokia, GlaxoSmithKline; Adidas Shares Gain

(Bloomberg) -- European stocks fell for the first time in four days after U.S. companies including Yahoo! Inc. and International Business Machines Corp. reported earnings that disappointed some investors.

Nokia Oyj and Atos Origin SA led technology-related shares lower. GlaxoSmithKline Plc and BP Plc paced a slide by exporters after the dollar weakened against regional currencies. Adidas AG rose to a record after Financial Times Deutschland reported Apax Partners Worldwide LLP may buy a stake in the company.


Read more at Bloomberg Stocks News