Around the World's Markets: Milan

SHARES IN Telecom Italia and Olivetti fell sharply, as investors concluded that Telecom Italia will win shareholder approval for measures to block the Olivetti offer.

Telecom Italia closed down 4.27 per cent at 9.42 euros and Olivetti ended 3.79 per cent weaker at 2.79 euros, pushing the Milan share index lower to close 167 down at 24,835 ahead of the Easter holiday.

Sanpaolo and Banca di Roma both eased, anticipating a rejection of the former's bid.