Disappointing updates from Dutch electronics group Philips as well as U.S. financial giant Citigroup hit European shares on Monday, with energy stocks easing in step with oil prices. British broadcaster ITV was another sore spot, down 3.4 percent as hopes of a bid for the media group faded, but Versatel bucked the weak trend, surging 13.5 percent after Swedish telecoms provider Tele2 offered 1.34 billion euros in cash for the Dutch telecoms company, according to Reuters. The FTSEurofirst 300 index of pan-European blue chips shed 0.25 percent to 1,160.6 points -- about 0.8 percent below last Thursday's new three-year high of 1,170.34 points, but still 11.4 percent higher since the start of 2005. The narrower DJ Euro Stoxx 50 index ended 0.1 percent lower at 3,276.5 points. Philips was among the hardest hit, down 2.6 percent after the company said its second-quarter operating profit more than halved and that it was cautious over the immediate future. This, coupled with Citigroup's below-forecast quarterly profit, dampened sentiment, but many investors remained bullish ahead of this week's blitz of earnings -- which include numbers from tech heavyweights Nokia and Ericsson, and drugmaker Sanofi-Synthelabo. --More 1957 Local Time 1657 GMT
