Goldman Sachs Misses Out on Glencore's $11 Billion Initial Public Offering |
| Bloomberg - Apr 14, 2011 |
Goldman Sachs Group Inc. (GS) missed out on arranging Glencore International AG’s initial public offering, which may be the world’s largest this year.
Citigroup Inc. (C), Credit Suisse Group AG (CSGN) and Morgan Stanley (MS) will manage the IPO in London and Hong Kong, which could raise as much as $11 billion. All nine banks together will earn as much as $250 million in fees, excluding the so-called incentive fees, according to New York-based consulting firm Freeman & Co.
New York-based Goldman Sachs made its final attempts to win the mandate around March, said a person with knowledge of the situation, who declined to be identified because the details are private. Senior New York Goldman Sachs executives attended some of the meetings with Glencore, the person said. Goldman Sachs missed out because it doesn’t have a long-term relationship with the commodities trader, the person said. Goldman didn’t manage the 10 largest Glencore mergers and acquisitions, data compiled by Bloomberg show.
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- Posted: 2011-04-14 15:08:28
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