European shares down, still set for biggest weekly gain in 2 mths
* Pan-European FTSEurofirst 300 down 0.9 percent
* Actelion drops after initiating discussions with ZS Pharma
* E.ON falls on broker downgrades after drops nuclear spin-off
By Alistair Smout and Atul Prakash
LONDON, Sept 11 (Reuters) - European shares fell for a second straight day on Friday, led lower by Swiss drugmaker Actelion after news it had initiated preliminary discussions with ZS Pharma, although a major share index headed for its biggest weekly rise since July.
Actelion shares slid 3.7 percent, the top decliner in the FTSEurofirst 300 index of top European shares, after both companies confirmed they had preliminary discussions, although not specifically mentioning if the talks were related to a buyout.
Analysts at HSBC said that there was a risk that the bid by Actelion would destroy value for its shareholders. Bloomberg had reported earlier in the day that Actelion had offered to buy ZS Pharma last month in a deal valued at $2.5 billion.
The FTSEurofirst 300 index was down 0.9 percent at 1,402.02 points by 1102 GMT. But the index is up nearly 1 percent so far this week and is set for its biggest weekly rise in 2 months.
Equities had been under pressure in recent weeks, with concerns about China's growth roiling markets. However, markets have stabilised since Chinese regulators intervened in its stock market, with some investors also betting the recent uncertainty would dissuade the U.S. Federal Reserve from raising rates next week. Continuación...