03:26:05 EDT Fri 29 Mar 2024
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Barrick Gold Corp
Symbol ABX
Shares Issued 1,751,516,088
Close 2019-02-25 C$ 16.60
Market Cap C$ 29,075,167,061
Recent Sedar Documents

FP/wire say Barrick adviser Klein close to Saudi elites

2019-02-26 09:44 ET - In the News

Also In the News (C-CM) Canadian Imperial Bank of Commerce

The Financial Post reports in its Tuesday edition that from breaking into an elite cabal of Saudi Arabian advisers, to being called to work on what could be one of the largest-ever mining takeovers, Michael Klein is making his mark as one of the world's top deal makers. A Bloomberg dispatch to the Post says that the former star Citigroup investment banker is advising Barrick Gold on its hostile $17.8-billion offer for Newmont Mining in a deal that would create world's largest gold producer (all figures U.S.). The only other bank working with Barrick on the transaction is an arm of CIBC. Advisers on Barrick's side stand to split $50-million to $55-million in fees. Newmont's banks may get up to $65-million. One of the keys to Mr. Klein's success is his talent for winning repeat business. He previously advised Barrick on its $5.4-billion purchase of Randgold Resources, which closed in January. Klein, who opened his own shop in 2008, is also a close adviser to Saudi Arabia. He was hired to help the kingdom's Public Investment Fund, which aims to control more than $2-trillion by 2030, with its global investment strategy and financing plans. He's also shown up as an adviser to the giant Saudi Arabian Mining Co.

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