Private equity groups Wendel Investissement and Kohlberg Kravis Roberts, joint owners of electrical equipment company Legrand, last night called in 10 investment banks to pitch for the company's flotation early next year. The group is estimated to have an enterprise value of €7bn ($8.4bn).

Sources close to the deal said the banks were BNP Paribas, CSFB, Deutsche Bank, Goldman Sachs, HSBC, JP Morgan, Lehman Brothers, Morgan Stanley, Société Générale and UBS.