European shares fell on Wednesday, with Hugo Boss putting pressure on the market after Permira placed a 5.6 percent stake in the company and Ahold slipping after its first-quarter operating profit came in below expectations, Reuters reported. Shares in fashion group Hugo Boss fell 2.4 percent to 103.35 euros, one of the biggest drags on the pan-European FTSEurofirst 300 index, after a source familiar with the transaction said the shares were placed with institutional investors at 101.50 euros apiece. And Dutch supermarket chain Ahold slipped 2.5 percent after its operating income, adjusted for one-off factors, dropped 6.2 percent as margins fell in the United States and the Netherlands, its main markets. The two companies put pressure on the broader market, with the FTSEurofirst 300 index of top European shares falling 0.2 percent to 1,375.45 points by 0815 GMT, after hitting its highest level in more than six years on Tuesday. Germany's DAX fell 0.1 percent after setting another record high at 9,957.87 points early on Wednesday. On the positive side, Telecom Italia rose 3.7 percent after Goldman Sachs raised its price target for the stock to 1.50 euros from 0.95 euros and retained its "buy" rating, traders said.
