MILAN, July 8 (Reuters) - Shares in Italy's second biggest bank UniCredit (CRDI.MI) and its takeover target Banco BPM (BAMI.MI) rose on Tuesday on a media report that said Brussels will order the ...

UniCredit SpA dropped its bid for rival Banco BPM SpA, ending an eight-month standoff with its rival and the Italian government over the plan to create the country’s largest lender.

UniCredit reminded Banco BPM shareholders on Monday it could withdraw its buyout offer for their bank if BPM investors agreed to back a more costly bid for fund manager Anima Holding .

The French bank said that the ECB on Tuesday authorized Credit Agricole to cross the 10% threshold in the Italian bank’s share capital and to hold up to a 19.9% stake in Banco BPM.

Italy’s market regulator temporarily halted UniCredit SpA’s takeover bid for Banco BPM SpA, giving Chief Executive Officer Andrea Orcel more time to get clarity over conditions imposed by the ...