Italian pharma group cancels listing

ROME, July 11 (AFP): The Italian pharmaceutical company Rottapharm on Thursday said it was cancelling its planned stock market listing in Milan because of "an unfavourable situation" on financial markets.

The company, which belongs to the Rovati family, said in a statement that "the conditions for an operation that respects the company's intrinsic values are not present."

Rottapharm pointed to a "sudden change" in investor sentiment on both domestic and international stock markets.