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@xdamr
Right, answering my own question almost immediately after asking it... This seems to be a Merckx Arcobaleno. Not one I'd ever heard of before I have to say. See http://prollyisnotprobably.com/2010/02/01/mxl_german_catalog_90s.php for a catalogue scan. Columbus Neuron steel apparently, though I'm not certain where that fits in the hierarchy of good to not-quite as good. Does it have the seatpost bolt integrated into the toptube?