LONDON/DUBAI (Reuters) – Boutique investment bank Evercore Partners has lost the chance to retain a prime position as an independent advisor for Saudi Aramco’s potential $100 billion share sale, as the oil giant revives its postponed listing, three sources said.
The Saudi energy minister Khalid al-Falih, who also chairs Aramco, said earlier in July the long-awaited listing could happen in 2020-2021.
US - Banker - Politician - Roger - Altman
Evercore, founded and chaired by U.S. banker and former politician Roger Altman, had secured an equity advisory role with the oil giant in 2017 for what is expected to be the world’s largest ever initial public offering (IPO).
But the relationship between Evercore and Aramco deteriorated, making it difficult for the U.S. advisor to get a new top role, the sources said.
Sources - Appeal - Aramco - IPO - Had
One of the sources also said that the appeal of Aramco’s IPO to Evercore had diminished, due to the relatively low level of fees involved.
An Evercore spokesman declined to comment.
Work - IPO - Aramco - Attention - Acquisition
Work on the IPO was interrupted in 2018 when Aramco shifted its attention to the acquisition of a 70% stake in local petrochemicals maker Saudi Basic Industries Corp.
Banks were dismissed, meaning that when the process re-starts they will have to make fresh pitches to the company, two other sources said.
Aramco - Banks - Bookrunner - Roles - Weeks
Aramco is expected to formally approach banks for bookrunner roles over the next few weeks, they added.
Alongside Evercore, Aramco chose Moelis & Co and U.S. dealmaker Michael Klein as independent advisors, while JPMorgan, Morgan Stanley and HSBC Holdings Plc were among those to secure leading...
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Why do democrats never have to face the reality of what's on the ground, like 2000 years of marriage.