| Advisers to lose millions as Xstrata shareholders prepare to vote down £53bn deal with Glencore. Investment bankers working on the troubled Glencore-Xstrata £53bn megamerger will lose almost £70m in fees if, as expected, the deal collapses this week.
Big name banks working on both sides of the merger, including Citi, Morgan Stanley, JP Morgan and Goldman Sachs, were expecting to share a success fee pot of up to £82m when the deal was finalised. However, it is thought they will receive around 10 per cent of that, after shareholder Qatar Holding, which has recently built a 12 per cent stake in Xstrata, confirmed plans last week to effectively torpedo the deal...............................................Full Article: Source
|