Freshfields Bruckhaus Deringer and Italian boutique Pedersoli have bagged plum roles advising on the €55bn (£37bn) merger bid between Italy’s second and third-biggest banks.

The closely-watched bid, which was announced last week (24 August), will see Italy’s second-biggest bank, Banca Intesa, combine with Sanpaolo to create the 10th-largest lender in Europe.