Mediobanca, Merrill Lynch and Credit Suisse First Boston are in the running for a fee bonanza in the first half of next year, following the Italian government's decision to press ahead with an €12.5bn ($11bn) programme of asset sales.

Between them the three banks are expected to share the bulk of the spoils from the sale of stakes in Enel, the Italian electricity company, Eni, the Italian oil company, and Telecom Italia, early next year. Lehman Brothers and IMI, another Italian investment bank, are also expected to benefit from the deals.