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Glencore, Xstrata Enlist 18 Bankers for $90 Billion Deal

BusinessWeek – Feb. 7 (Bloomberg) — Xstrata Plc and Glencore International Plc enlisted 18 senior bankers, from firms that advised both companies through a decade of deals, to seal their agreement to create a $90 billion mining and commodity-trading powerhouse.

Xstrata turned to bankers including JPMorgan Chase & Co.’s Ian Hannam and Deutsche Bank AG’s Nigel Robinson, while Glencore worked with Citigroup Inc. bankers including David Wormsley and Morgan Stanley’s Michel Antakly. Michael Klein, a former investment banking chairman at Citigroup, also helped broker negotiations, working as an independent adviser. Klein stepped down from Citigroup in 2008 after working for the New York-based bank since 1985.

Related: Glencore and Xstrata in $80 billion merger talks. Talks lead European shares to 6-month high. Glencore, Xstrata turn to trusted banking stars that may take home up to $140 million in consulting fees.

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