UBS has won its first mandate from US casino operator Harrah's to advise it on a $15bn (€11.7bn) bid from two buyout firms. Harrah's has previously used Deutsche Bank more often than its rivals.

Harrah's said today that Apollo Management and Texas Pacific Group had made an $81 per share bid for the company. That price is a 22% premium to Harrah's closing stock price on Friday.