European shares were pulled lower on Wednesday by heavyweight miners and oil stocks as commodity prices softened, but further takeover activity limited the fall, Reuters reported. UK airport operator BAA leapt as Spanish builder Grupo Ferrovial said it was considering a bid, while PSA Peugeot Citroen led carmakers lower after warning that higher costs would cut its operating margins in the first half. By 1630 GMT, the FTSEurofirst 300 index was down 0.2 percent at an unofficial close of 1,316.07, after opening down nearly 1 percent. "Generally investors remain cautiously optimistic and certainly aren't looking to abandon equities quite yet," said Michael Joynson, fund manager at Invesco Asset Management. Mining stocks slid, with Anglo American down 3.6 percent, BHP Billiton ending 3.7 percent lower and Rio Tinto sliding 2.6 percent as metals prices weakened. Oil stocks fell as crude traded around $63 a barrel after dropping sharply on Tuesday. Oil major Total shed 2.4 percent, while BP lost 1 percent. On the upside, BAA jumped 15 percent as Ferrovial said it had not yet approached the operator of London's Heathrow Airport, but any takeover offer was likely to be in cash and as part of a consortium. Ferrovial fell as much as 5 percent after its announcement but recovered to close up 5.8 percent.
