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Britain's FTSE rises as Shire surges

* Shire (Xetra: S7E.DE - news) lifted by talk it may bid for a U.S (Other OTC: UBGXF - news) . rival

* Burberry extends previous day's slide

* GKN (LSE: GKN.L - news) hit by estimates downgrade from Liberum

By Kit Rees

LONDON, Oct (HKSE: 3366-OL.HK - news) 16 (Reuters) - Britain's top share index rose on Friday, lifted by drugmaker Shire, whose shares rose on speculation it could be lining up a bid for a U.S. rival.

The blue-chip FTSE 100 index was up by 0.4 percent at 6,361.05 points going into the close of the trading session.

Shire rose 3.2 percent, which traders attributed to market speculation it was preparing a bid for U.S. peer Radius Health (Xetra: 1R8.DE - news) , seen as a potentially good deal for the British group.

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Officials at Shire could not be immediately reached for comment.

Traders added that expectations of new stimulus measures from China, the world's second-biggest economy, were giving equity markets a further lift.

"With half an eye on the possibility of more central bank stimulus, stocks have edged out a positive finish to the week," said CMC Markets analyst Jasper Lawler.

Burberry was among the worst performing stocks on the FTSE, falling 2.1 percent to extend the previous session's slide, as a profit warning late on Thursday from Hugo Boss (Xetra: BOSA.DE - news) hit luxury goods companies.

Hugo Boss cut its 2015 sales and profit outlook, while price target cuts from brokers on Burberry's shares on Friday added further pressure to the British company, whose shares had already slumped 8.3 percent on Thursday on weak sales growth.

GKN and other engineering stocks fell after brokerage Liberum cut its estimates across the sector. (Editing by Toby Chopra and Mark Potter)