BarCap wins accreditation on Xstrata
BARCLAYS Capital was yesterday granted accreditation from Thomson Reuters for its role as an investment banking adviser to Xstrata in its £56bn merger deal with Glencore.
Its inclusion as an adviser is massively important to the bank, elevating it from eighth to sixth place in the Thomson Reuters M&A league table, as it seeks eventual top three status in the rankings for mergers and acquisition work.
Bob Diamond, Barclays chief executive, has invested heavily in the group’s investment bank and holds high hopes that it will soon be a serious rival to the likes of Goldman Sachs and Morgan Stanley.
BarCap’s position as an adviser to Xstrata was challenged by one of the other banks working on the deal, after it was brought in very late on in the process. Barclays’ name was not on the original press release announcing the deal.
Yesterday Thomson Reuters said it had received a detailed confirmation letter signed by a member of the Xstrata executive committee, sufficient for it to give accreditation. Thomson Reuters has a 10 day period during which banks can challenge decisions. Barclays is due to announce full year results today.