Herbert Smith and Norton Rose are the two firms advising on the aggressive shareholder battle that could result in the winding-up of Mercury Asset Management’s (MAM’s) £1bn European Privatisation Trust (Mepit).

Corporate finance partner Tim Marsden of Norton Rose is acting for Mepit, 5% of which has now been acquired by New York-based arbitrage specialist Elliott Associates. Herbert Smith, led by corporate partner Nigel Farr, is representing Elliott Associates.