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AstraZeneca Falls After Pfizer Retreats; Investors Check in to Hotels Groups

Corporate transactions – or speculation about them - provide the main impetus in European trading on Tuesday in the absence of significant economic data. AstraZeneca loses more ground after Pfizer officially pulled its $116.9 billion takeover proposal - though many believe the New York maker of Viagra will be back before long. InterContinental Hotels Group surges following a report it has received and rejected a $10 billion bid from as mystery U.S. suitor keen to cut its tax bill by redomiciling to the U.K. And in Paris investors cheer a $1.2 billion purchase of French and Dutch hotels by leisure giant Accor.