Rothschild could be in line for its first €10 billion-plus M&A win of the year in Europe, after its client the French telecoms group Bouygues became a target for acquisitive conglomerate Altice.

Bouygues confirmed in a statement this morning that it has received an unsolicited offer from Altice, the Luxembourg-based group controlled by cable magnate Patrick Drahi. Bouygues' board of directors will meet tomorrow to review the offer and no negotiations are in progress, it said in the statement.