LONDON — European stock markets were uneven in mid-morning trading Wednesday despite an earlier rally after Royal Dutch Shell said it planned to buy BG Group, the oil and gas exploration firm, in a deal valuing the latter at nearly $70 billion.
The FTSE 100 in London was up 0.5 percent to 6,994.93, followed by the CAC 40 in Paris, 0.2 percent to 5,160.69. The FTSE MIB in Milan fell 0.1 percent to 23,675.64 while the DAX in Frankfurt dipped 0.2 percent to 12,100.25.
The euro traded at $1.09, while the pound fetched $1.49, and the Swiss franc equaled $1.04 at 11:30 a.m. CET.
Retail and luxury stocks were mostly up, with the morning’s biggest gainers including Salvatore Ferragamo, 1.2 percent to 29.67 euros; French Connection Group, 1.9 percent to 0.54 pounds; and Swatch Group, 1 percent to 82.95 Swiss francs.
Among the stocks that lost ground were Marks & Spencer, 1.4 percent to 5.53 pounds; and Luxottica Group, 0.8 percent to 58.70 euros.
Shell’s latest deal is the biggest oil industry merger in more than a decade and, according to Reuters, was pieced together by principals of both companies after the collapse in oil prices last year. Reuters said in the new world of cheaper oil, the deal puts a premium on access to proven assets in places like Brazil, East Africa and Australia, rather than costly exploration.