At least three large deals have been put on hold because banks mandated to sell assets are struggling to put funding deals in place to entice prospective bidders.

The sale by Dutch utility Essent of its waste management business, which is expected to fetch €1bn ($1.3bn), is on hold while its advisory banks, ING and Credit Suisse, try to arrange financing. Swedish utility Vattenfall is in a similar position in Germany, where it is trying to sell its high-voltage power grid for around €900m. The sale is being handled by Citigroup, and one banker close to the deal said: "The sale is being delayed for two reasons. Firstly, regulators have demanded greater access for foreign bidders, so no one wants to commit any debt or capital while there is an element of regulatory risk."