Barrick Never Planned to Use Ian Hannam for Randgold Merger, Says Chair

In a contentious legal battle unfolding at the High Court in London, Barrick Gold's chairman, John Thornton, testified that Ian Hannam, a renowned commodities dealmaker, was never intended to be the adviser for Barrick's $6 billion merger with Randgold Resources. Despite Hannam's claims of instrumental involvement in conceiving the merger, Thornton insisted his choice had always been Michael Klein, a well-connected Wall Street adviser. Hannam & Partners, the investment boutique founded by Ian Hannam, is seeking up to $18 million from Barrick for allegedly being excluded from a deal it helped orchestrate. The case provides a rare look into the fierce competition and financial stakes involved in advising on multibillion-dollar M&A transactions in the mining sector. Thornton recounts his long-standing connection with Klein and dismisses Hannam's assertions, suggesting no formal agreement or fee arrangement was documented with Hannam & Partners for their advisory role in the merger. This high-profile case continues to reveal the cutthroat nature of investment banking, where relationships and influence play pivotal roles in securing lucrative advisory positions.