Ian Hannam Sues Barrick Gold Over Randgold Merger Involvement

Ian Hannam, a renowned British dealmaker in commodities, has initiated a lawsuit against Barrick Gold over his alleged pivotal role in orchestrating its $6 billion merger with Randgold Resources, a deal completed in 2018 that resulted in the formation of the world's largest gold mining company at the time. Hannam claims his advisory firm, H&P Advisory, was improperly excluded from fees estimated to total up to $18 million despite his significant involvement, including coining the code name 'British Rail' for the merger project. The case, being held in London, highlights insights into the typically confidential negotiations within large-scale M&A activities involving corporate leadership and financial advisors. The lawsuit focuses on Hannam's assertion of a handshake agreement for payment, disputing Barrick's legal stance which highlights the lack of documented agreement. Aspects of industry history were also revisited, such as Hannam's involvement in major mining IPOs and deals. Meanwhile, Barrick's legal team has categorically denied Hannam's claims, focusing on procedural elements and existing internal documents supporting their stance.