Around the World's Markets: Milan

SHARES EDGED higher at the close in Milan with the help of late bargain-hunting. Banca Intesa was the best performer, gaining 0.39 to 5.50 euros on talk of a merger with Unicredito Italiano, which gained 0.13 to 4.67 euros, after the controlling shareholders indicated plans to reduce their stake.

Telecom Italia rose 0.11 to 8.49 euros after falling on reports that it had suspended plans to sell its pay-TV unit to News Corp. Fiat and Pirelli gained ground on hopes of links with overseas partners.