Morgan Stanley has emerged as lead adviser to Constellation Energy, the US power group which today agreed a $11bn (€9bn) takeover by rival FPL. Morgan Stanley has not advised Constellation Energy on a mergers and acquisitions deal in the past.

Credit Suisse First Boston, which advised a Constellation Energy-led consortium on a failed £2.2bn bid for Drax, the UK Power station in November, is not involved in today's deal.