European shares dented by weak earnings but Syngenta surges on deal

European shares fell on Wednesday, as weak earnings from some leading companies weighed on markets, although Syngenta surged after ChemChina agreed on a $43 billion bid for the Swiss seeds and pesticides group.

The pan-European FTSEurofirst 300 index, which fell 2 percent in the previous session, fell 0.6 percent in early session trading.The euro zone's blue-chip Euro STOXX 50 index fell 0.8 percent, Britain's FTSE 100 declined 0.5 percent while Germany's DAX fell 1 percent.

Finnish state-controlled utility Fortum slumped 8.9 percent after posting a larger-than-expected drop in fourth-quarter earnings, while Dutch telecoms group KPN also fell after reporting worse-than-expected core earnings.


However, Syngenta rose 6.8 percent after China's state-owned ChemChina said it would make an agreed $43 billion bid for the Swiss company, marking the largest ever overseas acquisition by a Chinese company.

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