* STOXX down 0.4 pct * WPP opens sharply lower after Sorrell quits * Whitbread rallies after activist move * Russia-exposed stocks underperform (Updates prices, adds details) By Danilo Masoni and Helen Reid MILAN/LONDON, April 16 (Reuters) - European shares fell on Monday as investors awaited new U.S. sanctions on Russia, while losses were limited as the market expected there would be no immediate military escalation in Syria following the weekend's American-led strike. Trading remained cautious as tensions between Western powers and Russia persisted and markets braced for new U.S. sanctions on Russia over its continued support of Syrian President Bashar-al Assad.urn:newsml:reuters.com:*:nL8N1RS0BR urn:newsml:reuters.com:*:nL1N1RS08K "Markets react to economic sanctions (in a way that they do not react to air strikes), as specific assets are directly affected," said UBS chief economist Paul Donovan in a note. The pan-regional STOXX 600.STOXX index fell 0.4 percent. while among other European benchmarks, the FTSE.FTSE tumbled 0.9 percent and Germany's DAX.GDAXI was also down 0.4 percent. Over the weekend, the United States, France and Britain launched 105 missiles targeting what the Pentagon said were three chemical weapons facilities in Syria in retaliation for a suspected poison gas attack in Douma.urn:newsml:reuters.com:*:nL8N1RS0BR Shares in some Russia-exposed companies underperformed as investors awaited the new sanctions on Russia, which a U.S. diplomat said would target companies dealing with equipment related to Assad and chemical weapons use. Precious metals miner PolymetalPOLYP.L fell 9.4 percent and miner EvrazEVRE.L fell 6.8 percent, while Austrian lender Raiffeisen BankRBIV.VI , which gets a substantial chunk of revenues from Russia, declined 3.7 percent. Swiss pumpmaker SulzerSUN.S , which was last week freed from U.S. sanctions related to its Russian investor Viktor Vekselberg, slipped 1.5 percent. Over the weekend Sulzer said its business was "fully back to normal" after it received a second licence fully unblocking its assets.urn:newsml:reuters.com:*:nZ8N1QN024 Elsewhere management changes and M&A caused some sharp moves. Shares in advertising group WPPWPP.L fell 6.1 percent after chief executive and founder Martin Sorrell quit, leaving the group without a boss at a time of huge change in the industry.urn:newsml:reuters.com:*:nL8N1RT1AI "The fact is that there is a lot of uncertainty ahead. It is not clear whether the current margin targets or dividend payout will survive management change," said Citi analyst Thomas Singlehurst, who reiterated however his buy rating on the stock, citing the company's current depressed valuation. WPP shares, which have already fallen 30 percent this year, pared part of their losses and were down 2.1 percent. Analysts and peers have speculated that the group of 200,000 people could be broken up without Sorrell at the helm. The top STOXX gainer was WhitbreadWTB.L , up 6.2 percent after U.S. activist investor Elliott Management said it now held the largest stake in the coffee-shop and hotel operator.urn:newsml:reuters.com:*:nL3N1RS0QV Amsterdam-listed telecoms firm AlticeATCA.AS jumped 5.4 percent late in the day, after a report that French conglomerate BouyguesBOUY.PA is considering a bid for Altice France with other investors.urn:newsml:reuters.com:*:nL8N1RT4X1 French peer IliadILD.PA also jumped 4.6 percent on the prospect of consolidation in the industry, while OrangeORAN.PA climbed to the top of the CAC 40, up 1.6 percent. VolkswagenVOWG_p.DE shares fell 2.9 percent to the bottom of the DAX after the carmaker said it was open to buying a majority stake in U.S. truckmaker Navistar.urn:newsml:reuters.com:*:nL8N1RT30S Elsewhere, some earnings were disappointing. Software AGSOWGn.DE was among the leading fallers, down 6.1 percent. Traders said the fall was due to weaker-than-expected quarterly revenues at its Digital Business Platform business.urn:newsml:reuters.com:*:nL8N1RT1BC (Reporting by Danilo Masoni, Editing by Robin Pomeroy and Toby Davis) ((Danilo.Masoni@TR.com; +39-02-66129734; Reuters Messaging: danilo.masoni.thomsonreuters.com@reuters.net; On Twitterhttps://twitter.com/damasoni))

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