A strategic shake-up at UK retail giant Kingfisher is set to uncork a fee bonanza for Freshfields Bruckhaus Deringer, as the blue chip client announces a massive rights issue and gears up for a possible Anglo-French takeover battle.

Kingfisher’s panel includes the magic circle firm, along with Macfarlanes, Addleshaw Booth & Co, Mayer Brown Rowe & Maw and Bond Pierce.