Two trade buyers have trumped several of the world's most powerful private equity groups for Spanish telecommunications group Auna, and French luxury goods conglomerate Taittinger. Bids totalled €15bn ($18.3bn).

France Télécom and Ono, a Spanish cable operator, have outbid offers for Auna from Kohlberg Kravis Roberts and Carlyle Group, The Blackstone Group and Goldman Sachs Capital Partners.