European shares sink to new three-month low, GAM plummets

martes 14 de junio de 2016 06:55 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) Updates prices)

* FTSEurofirst 300 index down 1.1 percent

* GAM slumps 17 pct after profit warning

* Premier Farnell surges 50 pct on M&A news

* Volatility index surges to a four-month high

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 dropped nearly 17 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).   Continuación...