Citi, which leads mergers advice in the food sector, has scored a mandate on the biggest food deal this year with Danone's $16.9bn (€12.3bn) purchase of a baby food maker.

The US bank advised Netherlands-based Royal Numico on the deal alongside Goldman Sachs. Citi holds the top spot in advising on food and beverage deals this year, followed by Deutsche Bank and Credit Suisse.