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Banks' bonanza in MegaFon float

The investment banks Goldman Sachs and Morgan Stanley could be on for a bumper pay day after being selected to float Russia's second-largest mobile phone company on the London stock market.

MegaFon, controlled by Russia's richest oligarch and Arsenal football club shareholder Alisher Usmanov, is believed to be looking to raise around $4bn (£2.5bn) by selling some 20 per cent of its shares.

That would make it the biggest London initial public offering since Glencore's $10bn flotation last year.

Goldman and Morgan Stanley will be expected to earn up to $400m in fees if the float is successful.

It is very unusual for just two banks to be selected on a deal of this scale. Glencore employed well over 20 banks.