Merrill Lynch has failed to win a role on the $783m (€602m) flotation of  Warner Music Group despite helping finance the private equity consortium which bought the US entertainment giant.

In Warner Music's initial filing last month to the Securities and Exchange Commission, Merrill appeared as a joint bookrunner alongside Deutsche Bank and Lehman Brothers, with Goldman Sachs and Morgan Stanley joint global co-ordinators.

Merrill disappears from Warner Music float

Price range values the group at up to $3.4bn

Shanny Basar

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