Tony Hayward’s latest project Vallares set for a summer IPO
FORMER BP chief executive Tony Hayward’s latest project, an oil acquisition vehicle set up with Nathaniel Rothschild, is due to unveil its intention to float as soon as this week.
The project, known as Vallares, is in early talks with investors to raise around £1bn to buy up oil assets, and is thought to be targeting projects already in operation but in need of cash to expand.
A source yesterday said the prospectus is due to be “privately distributed to a very, very large group of investors”.
City grandees in the frame to join the board of Vallares include Petrofac chairman Rodney Chase, former Goldman Sachs UK investment banking head Julian Metherell, former Corus chairman Jim Leng and Graham Hearne, formerly of Enterprise Oil.
The company is the second acquisitions vehicle backed by Nat Rothschild in as many years, following the float of his Vallar mining shell last year.
A spokesperson for Vallares declined to comment on the plans yesterday.