Milan MIBTEL: 12427 (-73)

Italian shares ended lower as many stocks went ex dividend and investors turned cautious as Wall Street opened easier. Dealers were also awaiting the outcome of rival offers to merge with Cariplo, Italy's largest savings bank. Some 13 companies from the MIB index of the 30 leading shares went exdividend.

Two of these stocks, Ambroveneto and BCI have made bids for Cariplo. BCI

fell 8 per cent while Amborvenete was down 4 per cent as was San Paolo.

Among the risers on the day was Carlo de Benedetti's CIR which rose almost 4 per cent after it said that it intended to make a public offer for Sasib in which it already holds a 54 per cent stake. Other gainers included Fiat and Montedison.