Investment banks advising European Aeronautic, Defence & Space Co. and BAE Systems Plc (BA/) on their failed merger face another blow in a year that hasn’t been kind.

Firms including Morgan Stanley (MS) and Perella Weinberg Partners LP may earn just $8 million to $12 million in total from the canceled transaction, compared with as much as $150 million had it succeeded, according to figures from New York- based research firm Freeman & Co.

Firms including Morgan Stanley and Perella Weinberg Partners LP may earn just $8 million to $12 million in total from the canceled transaction, compared with as much as $150 million had it succeeded, according to figures from New York-based research firm Freeman & Co. Photographer: Victor J. Blue/Bloomberg

The BAE Systems Plc logo sits on a security sign at the company’s engineering and manufacturing plant in Brough, near Hull. Photographer: Paul Thomas/Bloomberg

The two companies terminated talks yesterday after the governments of GermanyFrance and the U.K. failed to reach agreements on a deal that would have created the world’s largest aerospace and defense company. It is the biggest takeover to collapse since AT&T failed to buy T-Mobile USA last year.

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