Veteran dealmaker Michael Klein has been advising Glencore Plc on its bid to buy Teck Resources Ltd., in his first major role since a failed plan to spearhead the revival of Credit Suisse Group AG’s investment bank.
(Bloomberg) — Veteran dealmaker Michael Klein has been advising Glencore Plc on its bid to buy Teck Resources Ltd., in his first major role since a failed plan to spearhead the revival of Credit Suisse Group AG’s investment bank.
Glencore has been working with Klein as well as Citigroup Inc. on the deal, according to people familiar with the matter, who asked not to be named as the information isn’t public. Glencore’s pursuit of its Canadian rival is heading for a dramatic climax in the next few days, with Teck’s shareholders set to decide on the company’s plan to spin off its coal mines. The April 26 vote is being seen as a referendum on the Glencore offer, which has so far been rebuffed by Teck’s board.
For Klein, the role is a return to what he’s best known for — advising on some of the highest-profile deals in global finance — after his ambitions to spin out Credit Suisse’s investment bank and revive the historic First Boston name were scuppered by its collapse into the arms of its Swiss rival UBS Group AG last month.
Klein was set to lead the new investment bank, and could have received a personal payday of $200 million if he succeeded in pulling off a subsequent initial public offering, Bloomberg has reported.
Read: Michael Klein Loses the Deal of His Life in CS First Boston
A representative for Klein and a Glencore spokesperson both declined to comment.
Glencore has worked with Klein before, using him as a go-between in the delicate negotiations to take over sister company Xstrata a decade ago. He also advised Barrick Gold Corp. on its unsuccessful bid for rival Newmont Corp. in 2019.
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