European shares hurt by weak earnings, but Syngenta surges on deal

miércoles 3 de febrero de 2016 07:06 GYT

* Pan-European index down 0.8 pct

* Syngenta rises after agreeing on ChemChina bid

* Fortum, KPN fall after weak earnings

* Italian lenders lead bank sector lower (Adds details, updates prices)

By Sudip Kar-Gupta

LONDON, Feb 3 (Reuters) - European shares fell on Wednesday as weak earnings from some leading companies weighed on markets, although Syngenta surged after ChemChina agreed a bid for the Swiss seeds and pesticides group.

The pan-European FTSEurofirst 300 index, which slid 2 percent on Tuesday, was down by 0.8 percent by 1043 GMT. The euro zone's blue-chip Euro STOXX 50 index and Germany's DAX both retreated by 1.2 percent.

Finnish state-controlled utility Fortum slumped 9 percent after posting fourth-quarter earnings dropped more expected. Dutch telecoms group KPN also fell, by 3 percent, after reporting worse-than-expected core earnings.

However, Syngenta rose 5.6 percent after China's state-owned group ChemChina agreed to buy the Swiss company for $43 billion, the largest-ever overseas acquisition by a Chinese company. Syngenta, however, remained below the agreed price with some brokers saying the deal carried high execution risks.   Continuación...