Lazard and Deutsche Bank are the favourites to pick up substantial fees from the €4bn ($3.7bn) financial restructuring of Italenergia, the Italian utility company, which includes advisory work, a bond issue and a €1bn equity offer.

Italenergia is a joint venture owned by Fiat and Electricité de France (EdF). Last year, Lazard and Deutsche Bank advised the consortium on its hostile takeover of Edison, Italy's second largest utility company, and its parent Montedison. Lazard is currently advising Edison. Deutsche is leading the initial public offering of Ferrari, which is also owned by Fiat.