European shares lower as U.S. rate outlook in focus; Syngenta soars
* Pan-European index falls 0.4 percent
* Syngenta up 8 pct on reported takeover approach
* Ferragamo drops after weak results, Enel up
By Danilo Masoni
MILAN, Nov 13 (Reuters) - European shares fell on Friday, extending losses amid expectations of a U.S. rate increase next month but with the declines capped by a takeover approach for Syngenta and positive earnings updates.
Syngenta rallied 8 percent after Bloomberg reported that China National Chemical Corp was in talks to buy the world's largest agrichemical company but its initial offer of nearly $42 billion was rejected.
"The news about Syngenta is a sign that the recovery in Europe is under way," Enrico Vaccari, fund manager at Italy's Consultinvest, said. "The market is still hostage to what's happening in the United States with the Fed. A rate increase is getting closer and some investors are cautious but the overall mood in Europe remains positive."
The pan-European FTSEurofirst 300 index fell 0.44 percent, and was set for its steepest weekly fall since early September, while the Euro STOXX 50 was down 0.37 percent.
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