European stocks were down on Wednesday amid unwelcome news of slowing inflation in Europe and continued investor jitters over Russia. Philips lost steam in Amsterdam after unveiling is priciest acquisition since 2008, an agreement to buy San Diego-based, Nasdaq-listed Volcando Corp. for $1.2 billion to expand in the fast-growing market for image-guided therarpy. Belgian drugmaker UCB retreated amid the collapse of its $1.53 billion agreed sale of Princeton, N.J.-based generics maker Kremers Urban Pharmaceuticals Inc. to buyout shops Advent International Corp. and Avista Capital Partners. The business is now back on the auction block.
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