HSBC has landed its biggest deal this year as sole adviser to E.On, the German utility, which this morning mounted a €29.1bn ($34.7bn) counter bid for Spanish gas group Endesa. The offer is almost a third higher than a rival bid from Spanish group Gas Natural.

Lazard, which advised E.On on its approach to Scottish Power last year, has been advising Gas Natural with UBS on its €23.7bn hostile bid for Endesa.