Cazenove has worked on its second largest mergers and acquisitions deal this year, advising British American Tobacco (BAT) on the $2.6bn (€2.2bn) merger of its US business, Brown & Williamson, with RJ Reynolds in the US.

The mandate should give Cazenove a significant league table boost, as it is only the second full M&A advisory role for the bank this year worth more than £1bn (€1.4bn), according to Thomson Financial, the data provider. In March the UK bank provided a fairness opinion for Procter & Gamble on its £4.5bn acquisition of Wella, the German haircare business.