By Carla Mozee, MarketWatch

LONDON (MarketWatch) -- The U.K.'s benchmark FTSE 100 sagged Monday, with Intertek Group PLC struggling after a ratings downgrade, and Rolls-Royce Holdings PLC slipping after its name cropped up in a corporate scandal that's been rocking Brazil.

The FTSE 100 fell 0.2% to 6,857.05, echoing a cautious tone across European equity markets as the Eurogroup eurozone finance ministers met in Brussels to discuss the standoff between Greece and its lenders over the country's debt and austerity measures. Some fear Greece could leave the eurozone if the differences aren't settled.

"While the process is likely to be far from smooth, a compromise may materialize, after intense pressure, because Greece needs funding to make payments at some point, in the context of weakening tax revenues," Daniele Antonucci, senior European economist at Morgan Stanley, said in a note Friday.

The emergency liquidity assistance "which is crucial for the Greek banking system, needs the [European Central Bank's] approval," he added.

London decliners: Shares of Intertek Group PLC were among the worst performers on the FTSE 100, losing 3.4% after Jefferies cut its rating on the product-testing and certification company to hold from buy. Jefferies said cuts in capital expenditures in the oil and gas industry, along with delays, cancellations and pricing pressure are likely to lead to reductions of about 10% in per-share consensus forecasts for Intertek, as well as for Spanish testing firm Applus Services SA . It noted that 40% of Intertek's group revenues are exposed to the oil and gas industry.

Rolls-Royce shares moved down 0.9% after the engine maker's name came up in connection with Petrobras (PBR). A former executive at the Brazilian oil heavyweight claimed he was paid $200,000 (GBP307,628) by Rolls-Royce so the British company could land a contract worth $100 million, media reports said. The claim was revealed in court documents related to testimony by the executive, Pedro Barusco, who last year reached a plea bargain with Brazilian authorities. Rolls-Royce was quoted by the Financial Times newspaper as saying it will "not tolerate improper business conduct of any sort" and that it will "take all necessary action to ensure compliance."

In other moves in London, the utilities sector fell more than 1%. British Gas parent Centrica PLC fell 2.9% ahead of the company's financial report, scheduled for release on Thursday.

United Utilities Group PLC shares ended 1.4% lower, SSE PLC lost 2% and National Grid PLC fell 1.2%. But Severn Trent PLC reversed course, gaining 0.2%.

London gainers: Oil producer Tullow Oil PLC shares rose 3.8%, and brewer SABMiller PLC (SBMRY) picked up 1.9%. Tesco PLC (TSCDY) shares picked up 0.3% following a report in The Telegraph over the weekend that the supermarket chain is poised to cut up to 10,000 jobs, including up to 6,000 at the company's head offices.

Off the main benchmark, 888 Holdings PLC shares slid 11% after the online betting company said it terminated discussions about a possible merger with William Hill PLC . "Due to a significant difference of opinion on value with a key stakeholder, it has not been possible to reach agreement on the terms of a possible offer," said 888 Holdings in a statement. On the FTSE 250 , William Hill shares ended up 0.8%.

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