JP Morgan was yesterday forced to sell €2.1bn ($2.7bn) of shares in Mediaset, the Italian media group, at 1.4% below the bottom of its bookbuilding range. The deal took the bank to the top of the European equity tables.

It sold the shares for Fininvest, the Italian holding company controlled by Italian Prime Minister Silvio Berlusconi, to reduce its holding from 51.0% to 34.3%.