A potential offer by UK telecoms giant Vodafone for Kabel Deutschland, which could be the second-biggest European M&A deal this year, has pitted a tangled network of bankers against each other, with several institutions laying claim to relationships with both parties.

The two companies this morning confirmed that a preliminary approach had been made by Vodafone regarding a possible offer for Kabel Deutschland. A statement from the bidder added: "There is no certainty that any offer will ultimately be made nor as to the terms on which any such offer might be made."