Barrick Gold’s chair said he “never” planned to appoint veteran commodities dealmaker Ian Hannam to advise on its tie-up with Randgold, after the banker sued claiming he engineered the $6bn deal but was not paid. John Thornton told the High Court in London that while he had been happy to have Hannam’s views on the merger, as there was “very little downside” to doing so, it had always been his intention to use Wall Street rainmaker Michael Klein on the 2018 deal.
” Klein “was always going to be Barrick’s adviser in connection with the Randgold merger so long as I was involved”, he added. Thornton, a former Goldman Sachs banker, told the court that he had “quietly started looking for a merger partner” after his appointment as executive chair of Barrick in 2014. He raised the idea of a nil-premium merger with Bristow the same year.
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