European stock markets today: Live updates

The U.K. and European Union finally agreed to reset relations Monday, sources told CNBC, after Britain’s acrimonious exit from the EU in 2020.

U.K. Prime Minister Keir Starmer is hosting European Commission President Ursula von der Leyen and other senior officials in London for a much-anticipated summit which is taking place against a backdrop of unpredictable global dynamics — led by the U.S.

Read the full story here.

 — Holly Ellyatt

Shares of Volkswagen were down 5% at 8:36 a.m. in London on Monday, taking the German carmaker to the bottom of the regional Stoxx 600 index.

That came after investors demanded a shake-up of how the company was being run at its annual general meeting on Friday, according to news agency Reuters.

— Chloe Taylor

European shares opened in negative territory on Monday, with the Stoxx 600 down 0.4% shortly after the opening bell.

Most sectors and all major bourses saw losses, with the FTSE 100 and the CAC 40 shedding 0.5%, while Germany’s DAX traded 0.2% lower.

— Chloe Taylor

Dutch tech investor Prosus on Monday launched its cash offer to acquire delivery giant Just Eat Takeaway.

Prosus reiterated the offer of 20.30 euros ($22.8) per share, which would value Just Eat Takeaway at roughly 4.1 billion euros — around $4.6 billion at current exchange rates — and represented a premium of 63% to the company’s closing price on Feb. 21.

The deal was first announced in February.

The offer period for the acquisition begins on Tuesday, with the deal expected to be completed by the end of 2025.

“Europe is at a pivotal moment to create a new generation of AI-powered tech champions, and this transaction is a unique opportunity to lead that transformation,” Prosus CEO Fabricio Bloisi said in a statement on Monday.

Jitse Groen, CEO and founder of Just Eat Takeaway.com, said in a statement alongside the offer launch that the company is recommending that shareholders tender their shares and vote in favor of the takeover at its Extraordinary General Meeting in July.

— Chloe Taylor

Spirits maker Diageo said Monday that it expects to take a $150 million hit annually from U.S. President Donald Trump’s U.S. tariffs while simultaneously launching a $500 million cost savings program.

The owner of Johnnie Walker and Casamigos said the estimated impact is based on the assumption that U.S. tariffs on U.K. and EU imports remain at 10%, and that those from Mexico and Canada remain exempt under the United States-Mexico-Canada Agreement. It added that it saw no material impact from tariffs on China.

Diageo said it expects to be able to mitigate around half of those costs under its existing processes “before any pricing” measures.

The company also announced a $500 million cost savings program over three years which it said would enable “reinvestment in future growth and improved operating leverage.”

That comes as the company reported a 5.9% rise in third-quarter organic net sales and reiterated its full-year guidance.

— Karen Gilchrist

Budget airline Ryanair reported full-year profit after tax of 1.61 billion euros ($1.8 billion) on Monday, down 16% year-on-year but slightly above analyst expectations of 1.6 billion euros, according to FactSet.

Total revenue for the year rose 4% to 13.95 billion euros, above the 13.89 billion euros anticipated by analysts.

Ryanair said its average fare had dropped by 7% throughout the course of 2024, which drove traffic up by 9% year-on-year to a record 200 million passengers.

Speaking to CNBC’s “Europe Early Edition” on Monday, Ryanair CEO Michael O’Leary described the airline’s fiscal year as “very difficult,” citing an online travel agent boycott in the spring…