Around the World's Markets: Milan

THE MILAN bourse followed other European exchanges downwards, with the takeover battle between Telecom Italia and its rival Olivetti providing the main trading focus.

Olivetti, Italy's number two telecoms company, refiled its $58bn offer for its larger rival Telecom Italia, a move designed to prevent Telecom Italia from taking measures to repel the bid.

Shares in Olivetti and Telecom Italia ended down 7 per cent and 2 per cent respectively. The Milan Mib 30 index ended 1,003 points lower at 35,010.