UBS has emerged as a key player alongside Morgan Stanley advising Gucci, the luxury goods group, as its majority shareholder Pinault Printemps Redoute, the French retailer, launches a €2.6bn ($3.2bn) offer to buy out remaining stakes.

PPR's offer to minority shareholders, launched on Thursday and engineered by Morgan Stanley two years ago, sees ABN Amro acting as depositary in the Netherlands and JP Morgan Securites a dealer-manager in the US. UBS is now working alongside Morgan Stanley as adviser to Gucci.