European shares fell in early trade this morning as the market waits for US markets to reopen after a long weekend.
Shares in Swiss specialty chemicals maker Lonza fell 13.7 per cent as its 2003 net profit tumbled to a worse-than-expected 59 per cent, and the company said its chief executive was stepping down.
Annual sales numbers from French electrical goods maker Schneider Electric were better received, with the stock edging 1.5 per cent higher.
"Schneider's results were strong across all regions, especially in the United States. The guidance on operating margins is also higher than our estimate. The stock should climb," said one trader in London.
Computer mouse maker Logitech was another early gainer, adding 3.5 per cent after beating analyst expectations with a 65 per cent rise in third-quarter earnings.
Takeover activity buoyed German brewer Holsten, with its stock gaining 10 per cent to €37.94 after Denmark's Carlsberg Breweries made a takeover offer for the firm at €38 per share. Carlsberg shares rose 0.9 per cent.