Europe shares hit by weaker-than-expected euro zone macro data

jueves 20 de noviembre de 2014 08:20 GYT

* FTSEurofirst 300 down 0.7 pct, Euro STOXX 50 down 1.3 pct

* Oil services bounce back on Technip's offer for CGG

* "Can't fight the central banks" -Natixis AM's Nicolas

By Blaise Robinson

PARIS, Nov 20 (Reuters) - European shares fell on Thursday after weaker-than-expected euro zone manufacturing data reignited worries over the outlook for growth and caused a sell-off in Southern European stocks.

Shares in oil services firms, recently hammered as oil prices sank below $80 a barrel, bucked the trend as M&A activity fuelled expectation of consolidation in the struggling sector.

France's CGG jumped 23 percent on news of a 1.47 billion euro ($1.84 billion) takeover offer from larger rival Technip, a bid that CGG rejected.

Technip shares fell 6.5 percent, while Fugro surged 4.1 percent, Saipem rose 2.2 percent and TGS gained 2.1 percent.

"It puts the spotlight on a sector which is at the start of a wave of consolidation, under pressure due to weakening oil prices. The rejected bid (on CGG) may open the door for other suitors which can offer better synergies," Barclays France fund manager Renaud Murail said.   Continuación...