New York firms last week broke new ground in their dramatic assault on the busy French deal market, with four top Wall Street advisers securing lead roles on France Telecom’s high-profile ‘privatisation’.

The deal saw the French Government offload €4.5bn (£3.05bn) of the telecom giant’s share capital, generating roles for Skadden Arps Slate Meagher & Flom, Shearman & Sterling, Sullivan & Cromwell and Davis Polk & Wardwell.