Nordic independents Setterwalls and Hannes Snellman have picked up lead roles alongside elite New York firm Sullivan & Cromwell on the proposed tie-up of communications giants France Telecom and Telia Sonera.

France Telecom is reportedly considering upping an indicative bid for Swedish-Finnish company Telia Sonera after an earlier bid valuing the target at $41bn (£21bn) became public on 5 June.