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* Asahi Kasei to buy Swedish drugmaker Calliditas for $1.1 bln

* German wholesale prices fall 1.8% in April

* Swiss lender EFG posts strong inflows

* STOXX 600 flat

May 28 (Reuters) - European shares struggled for direction on Tuesday after the European Central Bank's survey showed consumers' easing inflation expectations in April, while real estate shares kept the index afloat.

The pan-European STOXX 600 index was flat at 8450 GMT, with most European markets up except France's CAC 40 index .

German shares added 0.3% after a report showed German wholesale prices fell by 1.8% in April year-over-year.

Euro zone consumers lowered their inflation expectations last month, a fresh ECB survey showed on Tuesday, just as the bank was making plans to start rolling back a record string of interest rate hikes.

"We are seeing much more determination and a less wavering stance from the ECB with the eurozone inflation falling in a sustained way," said Susannah Streeter, senior investment and markets analyst at Hargreaves Lansdown.

Easing forecasts have reinforced market bets on a rate cut next week, which is priced at a 91% probability.

Speeches from ECB member Klaas Knot and Federal Reserve's Neel Kashkari are also due today and are set to offer new insights into the monetary policy easing cycle.

ECB policymaker Isabel Schnabel said on Tuesday that the bank's massive bond purchases in the recent past may have blunted the impact of its subsequent interest rate hikes by keeping a lid on borrowing costs in the debt market.

Corporate news was thin, given that over 90% of companies in Europe have already released their earnings updates.

Online supermarket Ocado was the top gainer on the benchmark index with a 6.7% jump as JP Morgan raised its target price to 450p from 350p.

German flavour and fragrance maker Symrise added 2.1% after Deutsche Bank raised their rating on the stock to 'buy' from 'hold'.

EFG International gained 1.1% following a rise in client inflows for the first four months of the year, beating its own target.

The broader chemicals index was among the top gainers, climbing 0.3% on the news.

Calliditas Therapeutics surged 77.8% after Japan's Asahi Kasei offered to acquire the pharmaceutical company for about 11.8 billion Swedish crowns ($1.1 billion).

Norway's Cadeler A/S lost 2.2% after a loss in first-quarter group results.

Shares in transducer maker Lem Holding SA fell 1.1% on a drop in annual profit. (Reporting by Khushi Singh in Bangalore; Editing by Sherry Jacob-Phillips and Janane Venkatraman)