European shares set new 3-month low, GAM plummets 18 pct

martes 14 de junio de 2016 04:28 GYT

(ADVISORY- Reuters plans to replace intra-day European and UK stock market reports with a Live Markets blog on Eikon - see cpurl://apps.cp./cms/?pageId=livemarkets for site in development. See the bottom of the report for more details)

* FTSEurofirst 300 index down 1.1 percent

* GAM slumps 18 pct after profit warning

* Premier Farnell surges 50 pct on M&A news

By Atul Prakash

LONDON, June 14 (Reuters) - European shares fell for a fifth straight session on Tuesday, with investors becoming jittery before next week's referendum in Britain on its membership of the European Union and a two-day meeting of the Federal Reserve starting later in the day.

Swiss money manager GAM Holding fell nearly 18 percent to a 4-1/2 year low after warning it expects a roughly 50 percent year-on-year fall in first-half underlying profit before tax, mainly due to lower performance fees.

However, Premier Farnell surged 50 percent after Daetwyler Holding agreed to buy it in an all-cash offer that valued the British electronic component distributor at just over 1 billion Swiss francs ($1.04 billion).

The pan-European FTSEurofirst 300 index fell 1.1 percent to 1,270.68 points by 0815 GMT after hitting its lowest since February. The STOXX Europe 600 was also down 1.1 percent, while the European miners fell 1.8 percent, the top sectoral decliner, tracking weaker metals prices.   Continuación...