Evercore set to lose out as Aramco reshuffles IPO roles: sources - Reuters:
Boutique investment bank Evercore Partners has lost the chance to retain a prime position as an independent advisor for Saudi Aramco’s potential $100 billion share sale, as the oil giant revives its postponed listing, three sources said.
The Saudi energy minister Khalid al-Falih, who also chairs Aramco, said earlier in July the long-awaited listing could happen in 2020-2021.
Evercore, founded and chaired by U.S. banker and former politician Roger Altman, had secured an equity advisory role with the oil giant in 2017 for what is expected to be the world’s largest ever initial public offering (IPO).
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