HSBC is facing a fresh struggle to complete one of its biggest advisory deals after a Spanish construction group said it planned to step up blocking tactics on a €37.1bn ($46.7bn) bid by Germany's E.On for domestic power company Endesa. HSBC is sole adviser to E.On.

Acciona, the Spanish construction group, plans to raise its stake in Endesa to 24.9% "in days" as it steps up opposition to the E.On deal, the largest announced deal of last year.