A double-act by Morgan Stanley and Lazard has contributed to the drive by Marconi, the debt-ridden telecoms equipment maker, to reduce its net debt by £500m (€810m).

Marconi has sold its 50% stake in General Domestic Appliances (GDA), owner of the Hotpoint washing machine brand, to Merloni Elettrodomestici. Morgan Stanley, one of Marconi's named financial advisers, has worked on the £121m sale of its Hotpoint business, while Lazard, Marconi's other adviser, acted for the Italian buyer.