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The pan-European STOXX 600 index slipped 0.1% by 0719 GMT, after coming just a point below its record high in the previous session.
Media and utilities fell the most among sectors, while telecoms gained 0.8%.
Deutsche Telekom rose 2.5% after it struck a share-swap deal with Softbank (OTC:SFTBY) Group to increase its stake in U.S. unit T-Mobile and sold its Dutch unit.
Shares in Sweden’s Tele2 rose 1%, while KPN gained almost 4%.
Germany’s Allianz (DE:ALVG) slipped 0.5% after Reuters reported that regulators have launched an investigation into the company after the demise of some of its U.S. investment funds last year.
