Merrill Lynch has emerged as a potential buyer for Italian directories business Seat Pagine Gialle, four years after it backed a group of buyout firms that failed to secure the business.

The bank may trump a group of private equity firms interested in the yellow pages publisher which is expected to sell for about €8bn ($10.9bn), after Merrill conducted due diligence on the business, reports Italian daily Il Sole 24 Ore.