European shares dip on weaker than expected euro zone macro data

jueves 20 de noviembre de 2014 12:14 GYT
 

* FTSEurofirst 300 down 0.5 pct, Euro STOXX 50 down 1 pct

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

* Rejected CGG bid may open door for other suitors -fund manager

By Blaise Robinson

PARIS, Nov 20 (Reuters) - European shares fell on Thursday as 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 companies, 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.

The rally was fuelled by short-covering as hedge funds scrambled to unwind negative bets on the shares of CGG, one of the most shorted stocks across Europe, Markit data shows.

Technip shares fell 6.9 percent, while Fugro surged 5.6 percent, Saipem rose 4 percent and TGS gained 4.4 percent.   Continuación...