European shares fall for 3rd day; Commerzbank hit by potential U.S. fine
* FTSEurofirst 300 and Euro STOXX 50 down 0.1 pct
* Commerzbank falls 3 pct on U.S. settlement fears
* Generali weighs as CDP sells stake
By Francesco Canepa
LONDON, July 8 (Reuters) - Banking stocks dampened a tentative rebound in European shares on Tuesday as Germany's Commerzbank was said to have become the latest lender to be negotiating a costly legal settlement with U.S. authorities.
Shares in the German lender fell 3 percent as sources told Reuters that U.S. authorities had begun settlement talks with the bank and larger competitor Deutsche Bank, down 0.9 percent, over their dealings with countries blacklisted by the United States.
The New York Times reported that Commerzbank's settlement was expected to include at least $500 million in penalties. This compares to a nearly $9 billion settlement struck by France's BNP Paribas in a similar case earlier this year.
"I think Commerzbank's stock will suffer a bit but unless they get a very big fine like BNP, I don't think it will suffer like the other banks (hit by U.S. investigations)," Mike Reuter, a broker at Tradition, said.
"If we see something below a billion (dollars) I think the market will accept that." Continuación...