European shares dip on weaker-than-expected euro zone data

jueves 20 de noviembre de 2014 13:34 GYT

* FTSEurofirst 300 ends down 0.3 pct

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

* BBVA drops after setting terms of rights issue

By Blaise Robinson

PARIS, Nov 20 (Reuters) - European shares fell on Thursday as weaker than expected euro zone manufacturing data added to worries about the outlook for growth and triggered a sell-off in southern European stocks.

Shares in oil services companies, hammered by oil prices falling below $80 a barrel, bucked the trend after Technip made an offer for France's CGG, fuelling expectations of more consolidation in the sector.

CGG jumped 22 percent on news of a 1.5 billion euro bid from larger rival Technip, a bid that CGG rejected.

Short covering added to the rally as hedge funds scrambled to unwind negative bets on CGG, one of the most shorted stocks across Europe, Markit data shows.

Technip shares tumbled 7 percent. Fugro surged 4.7 percent, Saipem 2.8 percent and TGS 4.4 percent.   Continuación...