Italy's Banco BPM rose 9.4 percent after France's Credit Agricole proposed to merge its Italian subsidiary with the lender, Reuters reports. If the deal goes through, the combined company will become the third largest bank in Italy. The Credit Agricole share itself fell by 1.4% on the news.

Italy's Banco BPM rose 9.4 percent after France's Credit Agricole proposed to merge its Italian subsidiary with the lender, Reuters reports. If the deal goes through, the combined company will become the third largest bank in Italy. The Credit Agricole share itself fell by 1.4% on the news.