Independent advisers, including US firm Centerview Partners and blue-blooded merchant bank Rothschild, have emerged in key roles on two multibillion-pound UK M&A deals that have been taking shape over the past 24 hours.

Rothschild is lead adviser and joint sponsor to manufacturing-focused business turnaround firm Melrose Industries, which said this morning it had returned with a firm £7.4bn offer for GKN.