Allen & Overy (A&O) has muscled in on a £5bn telecoms financing after the lead arrangers overlooked usual adviser Clifford Chance on the deal.
JP Morgan and Mediobanc Di Credito Finanzario instructed A&O on a second round borrowing facility for Telecom Italia. The instruction came despite the fact that Clifford Chance acted for
them on the initial £8.7bn credit facility last year.