Lazard's Paris office is working as sole financial adviser to Air France on its €784m ($914m) merger with Dutch rival KLM to create Europe's biggest carrier in the most dramatic shake-up so far among European airlines.

Jean-Yves Helmer and Alexandra Soto are the Lazard partners working on the transaction. Helmer has close links with the French government after seven years as head of defence procurement. Soto was part of the Lazard team which advised Alcan on its takeover of Pechiney.