Three City advisers are set to miss out on a major payday, as the European Commission prepares to torpedo CK Hutchison’s planned $14 billion takeover of Telefónica’s UK cellphone operator O2.

Hutchison is being advised by US investment banking boutique Moelis & Co and UK bank HSBC, while Swiss bank UBS is acting as sole adviser to Spain's Telefónica, according to data provider Dealogic.