Deutsche Bank has held onto its mandate to sell shares in Public Power Corporation (PPC), the Greek power utility, but this time will be working with Morgan Stanley instead of UBS.

Last December Deutsche Bank and UBS were joint bookrunners and global co-ordinators of the Greek government's sale of a 13% PPC stake which raised €335m ($362m). The two banks won the mandate last summer even though Goldman Sachs and ABN Amro Rothschild led PPC's €445m initial public offering in December 2001.