Seven investment banks will share advisory and financing fees from a €5.5bn ($7.4bn) cash bid from Spanish property company Metrovacesa for its larger French rival, Gecina. Banking sources said it ranked among Europe's largest M&A property deals.

Calyon and Morgan Stanley are co-advisers to Metrovacesa. Credit Suisse First Boston and Lehman Brothers are co-advisers to Gecina. The offer includes the assumption of €2.5bn in debt.