Honeywell International is preparing to sue General Electric Company over failure to secure European Commission approval on its $46bn (€52.5bn) merger, in what will mark the final nail in the coffin for advisers' $40m success fees.

Sources close to the deal believe that GE faces a multi-million dollar lawsuit if it fails to comply with Honeywell's proposals to solve the deadlock with the European Commission over their mega merger. Honeywell is accusing GE of failing to do its upmost to secure EC merger approval.