Deutsche Bank and Diageo outperform weaker European stock markets

* Deutsche Bank (Xetra: 514000 - news) rises after boardroom shake-up

* Bid speculation lifts Diageo (LSE: DGE.L - news) and Actelion (Xetra: 936767 - news)

* Syngenta (Xetra: 580854 - news) slips after rejecting new Monsanto proposal

* Europe bourses in 2015: http://link.reuters.com/pap87v

* Asset performance in 2015: http://link.reuters.com/gap87v

By Sudip Kar-Gupta

LONDON, June 8 (Reuters) - European shares fell on Monday, weighed down by a drop in agrochemicals group Syngenta although Deutsche Bank outperformed to surge higher after boardroom changes.

Bid speculation also lifted the shares of drinks group Diageo and Swiss biotech company Actelion, following reports that Shire (Xetra: S7E.DE - news) might bid for Actelion and that a Brazilian billionaire was eyeing Diageo.

The pan-European FTSEurofirst 300 index fell 0.3 percent while the euro zone's blue-chip Euro STOXX 50 index also retreated 0.4 percent.

European equity markets came under pressure after a rise in German bund yields on Monday, as higher yields can often result in increased debt payments for companies.

Syngenta was among the worst performers, slipping 1.3 percent after it rejected a second takeover proposal from agrochemicals firm Monsanto.

Deutsche Bank rose 7.1 percent after the company purged its leadership on Sunday, appointing Briton John Cryan as chief executive to replace Anshu Jain just two weeks after Jain was given more power to reorganise the bank.

"The changes had to be made. There may be some short-term volatility with the share price but, all in all, it should be a positive for the stock," said JNF Capital investment manager Edward Smyth.

Diageo also climbed 7 percent after a media report that Brazilian billionaire Jorge Paulo Lemann and his partners in private equity firm 3G Capital (Other OTC: CGHC - news) were considering a potential bid.

Actelion touched record highs after the Sunday Times reported that pharmaceutical company Shire was considering a 12 billion pound ($18.32 billion) takeover of Actelion. Shares (Berlin: DI6.BE - news) in Shire fell 2.2 percent. Both Actelion and Shire said they did not comment on market speculation.

CUSHION PROVIDED BY ECB'S MEASURES

A pick-up in corporate takeover activity, coupled with economic stimulus measures from the European Central Bank (ECB), have helped push European shares higher this year, and limited the impact from Greece's debt problems.

The European Union's exasperation with Greece burst into the open on Sunday when its chief executive rebuked leftist Prime Minister Alexis Tsipras and warned that time was running out to conclude a debt deal to avert a damaging Greek default.

France's Finance Minister said on Monday that Greek exit from the euro would "not be serious" for the euro zone's economy or its finances although he added that it would damage the cause of European integration.

The FTSEurofirst remains up by around 13 percent since the start of 2015, although it is down 7 percent from peaks reached in April, partly due to the lingering worries over Greece.

Some traders expected the region's stock markets to make little progress in the near-term while the Greek issues remained unresolved. Greek shares edged up 0.5 percent on Monday.

"We're treading water on the markets while the Greek situation remains uncertain," said Berkeley Futures associate director Richard Griffiths.

Today's European research round-up (Editing by Andrew Heavens)