At 10ºC warmer and a little sunnier, Milan seemed an attractive place to spend last Thursday.

But the four banking teams and three financial sponsors that flew in from London were unimpressed. They were left standing on the tarmac after Benetton, the Treviso-based family that owns a clothing empire and private equity investments, decided overnight that it wouldn't sell its stake in Autogrill, a motorway restaurants chain worth €3bn ($3.6bn), after all. With no explanation for the sudden change of heart, the unhappy troupe was forced to get straight back on a plane and head home.