Morgan Stanley, a long time adviser to Spanish utility Iberdrola, has been overlooked on the company's latest multi-billion dollar acquisition, leaving the way open for a rival US bank.

ABN Amro and Bank of America advised Iberdrola on its $4.5bn (€3.3bn) purchase of US rival Energy East. It is the first time Bank of America has advised Iberdrola, according to Thomson, the data provider. ABN retains its place as longterm adviser to the Spanish company.