Shearman & Sterling is advising longstanding client France Telecom on its e7.1bn (£4.5bn) bid to take full control of Orange. It is the only adviser to be playing a role in both jurisdictions in the combined French and UK offer.

France Telecom is looking to reclaim the minority stake, just over 13 per cent, in Ora-nge. Orange minority shareholders have been offered 11 France Telecom shares for every 25 Orange shares. The deal is a reverse of the recent trend for fixed-line operators to spin off their mobile arms.

Shearman partners Hervé Letréguilly and Isabelle Chauvet are leading the team in Paris, with Bonnie Greaves, George Casey, Jonathan Coppin and Barney Reynolds leading the charge in London.

Bredin Prat is representing Orange in Paris, with Slaughter and May handling the UK aspects.