LONDON/DUBAI: Boutique investment bank Evercore Partners has lost the chance to retain a prime position as an independent advisor for Saudi Aramco's potential US$100 billion share sale, as the oil giant revives its postponed listing, three sources said.
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.Work on the IPO was interrupted in 2018 when Aramco shifted its attention to the acquisition of a 70per cent stake in local petrochemicals maker Saudi Basic Industries Corp.
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 roles in the IPO.HSBC, which was chosen as a global coordinator, could now end up with a more marginal role, two of the sources said.
Source: News Formal (newsformal.com)
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