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Hayward lines up Vallares windfall

By Daily Mail Reporter
Updated: 04:39 EDT, 13 June 2011

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Tony Hayward, the former boss of BP, will share in a £410m windfall if his oil investment firm Vallares proves successful.

Busy: Former BP Chief Executive Tony Hayward

The vehicle's co-founders, including financier Nat Rothschild and Julian Metherell, UK head of investment banking at Goldman Sachs, are preparing Vallares for a £1bn listing.

The group have bought £15m worth of 'B' shares, which will convert to 6.67% of equity when it makes the first of its planned investments in emerging markets assets.

Hayward has said he intends to build a company worth up to £10bn, meaning he and his fellow founders would end up sitting on stock worth a combined £410m.

The erstwhile ex-boss of BP - notorious for his public relations gaffes - is also facing a busy period with new employer Glencore.

The commodities giant has been linked with a £12bn bid for ENRC, the Kazakh mining group in the grip of a boardroom civil war.

Independent directors Sir Richard Sykes and Ken Olisa rounded on ENRC last week after being voted out by its oligarch shareholders, leaving its corporate governance regime in tatters.

The highly public row prompted speculation the Kazakh shareholders could move to take the company private again.

But Glencore, which has wrestled with its own governance issues, is understood to have its eye on ENRC's portfolio of assets.

Such a deal could present an alternative to a takeover bid for rival miner Xstrata, in which Glencore holds a 38% stake.

Xstrata's board are understood to be determined to defend against any bid and are understood to be concerned by Glencore's environmental and social record.

Glencore will release first-quarter figures tomorrow.

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