UPDATE 3-Avis Europe shares sink after warning


(Adds background in par 2, placing in par 5, analyst comment in pars 13-16) By Victoria Cutler LONDON, June 27 (Reuters) - Shares in Avis Europe Plc sank by a more than quarter on Thursday after the car rental firm warned investors that profits this year would be as much as 15 percent lower because companies had reined in travel budgets. Avis Europe rents cars in Europe under marketing agreements with Avis Rent A Car System Inc, a unit of U.S. property and hotel company Cendant Corp . ...

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