European stocks retreated as Greece and its creditors rejected each other’s revised plans for a debt deal. The Stoxx Europe 600 Index slipped 0.3 percent to 397.46 at 2:33 p.m. in London, after earlier losing as much as 0.7 percent. The ASE Index snapped a four-day winning streak, falling 2.7 percent, for the biggest drop among western-European markets. Portugal’s PSI 20 Index slid 1.5 percent, for the second-worst performance. The Euro Stoxx 600 Greece’s creditors earlier turned down the latest proposal from Prime Minister Alexis Tsipras, instead handing the government new terms for a deal to unlock bailout funds. Tsipras denounced the rejection, before setting off for Brussels to meet the heads of the European Central Bank, International Monetary Fund and European Commission. His government later turned down the counter proposal, saying it differed little from an earlier document that had also been shot down. “A deal has been rejected and it’s not as clear cut as it was a couple of days ago,” said Jasper Lawler, a market analyst at CMC Markets Plc in London. “They’re probably going to come up with a last-minute fudge. There’s still some lingering hope that they’ll bring more proposals, enough to get to a deal before this deadline.” Finance Ministers gather on Wednesday in an effort to reach a deal before Greece’s bailout expires and about 1.5 billion euros ($1.7 billion) in payments come due to the IMF on June 30. European shares capped their biggest four-day rally since January on Tuesday as the region’s leaders agreed that Greece was finally getting serious about a deal. Among stocks moving on corporate news, Delhaize Group slid 6.3 percent after agreeing to an all-share takeover offer from Royal Ahold NV.Bouygues Slides Bouygues SA tumbled 8.3 percent after rejecting billionaire Patrick Drahi’s bid for its telecommunications unit. Drahi’s phone and cable unit Numericable-SFR, which made the offer, slid 9.1 percent. Its holding company, Altice SA, dropped 5.9 percent. Rival Orange SA fell 3 percent and Iliad SA lost 7.3 percent. Elementis Plc plummeted 18 percent after forecasting full-year earnings would be below market estimates. Julius Baer Group Ltd. rose 2.2 percent after Switzerland’s third-largest wealth manager said it will take a provision of $350 million to settle a U.S. criminal investigation into whether it helped Americans evade taxes. Royal Dutch Shell Plc pushed energy companies to the second-best performance of the 19 industry groups on the Stoxx 600. Oil held on to gains after declining U.S. crude stockpiles added to signs a supply glut is easing. Source: http://www.bloomberg.com/