Lazard, which last year hired Merrill Lynch's top two investment bankers in Germany, is on the opposite side to the US bank on its latest German deal, a €551m ($588m) disposal.
Lazard is advising Bilfinger Berger, the German construction group, on the sale of a 30.02% stake in Buderus, a heating company. Merrill is advising Robert Bosch, the German automotive parts group set to acquire the stake. Robert Bosch also plans to make a public offer to buy the remaining Buderus shares.