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ROTHSCHILD NOW OWNS IRAQI OIL - Youngest sibling makes family proud!!
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Rothschild Scion Takeover of Kurdish Iraq Oil Co.
[SEE: Anglo-Turkish oil giant seeks N Iraq domination]
From Klosters to Kurdistan
Iraq-Erbil: Nat Rothschild’s world stretches from the coal mines of Indonesia via the aluminum smelters of Siberia to a legendary wine estate in France. And it just got much bigger.
Last week, Mr. Rothschild made a huge bet on the oil fields of Iraqi Kurdistan, one of the last great frontiers in oil exploration. His investment vehicle Vallares PLC said it will merge with Genel Energy International Ltd., a Turkish firm that pumps oil in Kurdistan, to create a $4 billion company.
The deal has raised some eyebrows in London. Critics say cash shells like Vallares provide a back door to the London Stock Exchange for murky emerging-market firms that might otherwise fail to comply with listing rules.
Yet when Vallares listed last June, it raised a whopping $2.18 billion—a mark of the faith Mr. Rothschild inspires in investors.
“These are very unusual structures because you get entrusted with people’s capital and get given the license to do what you want with it, on the basis of trust,” he says.
That trust is an asset Mr. Rothschild has leveraged into a complex network of business interests spanning the globe. The scion of a banking dynasty that expanded its wealth by cultivating relationships with influential people, he is equally at ease among Russian oligarchs, English aristocrats and New York socialites. Based in Klosters, Switzerland, he will spend more than 700 hours aboard his private jet this year.
But his impressive Rolodex has occasionally landed him in hot water. In 2008, he was at the center of a political scandal in the U.K. over his links to the Russian aluminum tycoon Oleg Deripaska. More recently, his ties to Seif el-Islam Gadhafi, son of the ousted Libyan dictator, have come under scrutiny.
These links haven’t done his business any harm. Ranked 67th in the Sunday Times’s list of the U.K.’s 1,000 richest people, with a fortune of £1 billion, he will become a lot richer thanks to the Vallares deal. For an initial outlay of $100 million, he and the other co-founders will get a 6.67% stake in the newly enlarged Genel. Mr. Rothschild’s share will be worth around $230 million.
But he insists he’s not in it for the money. “It’s incredibly enjoyable doing what we do—it’s as simple as that,” he says in an interview at his bankers, J.P.Morgan Cazenove, in the heart of London.
The youngest of four children and the only son of Jacob, Lord Rothschild, Nathaniel Victor James Rothschild was born in 1971 and educated at Eton, Britain’s most prestigious fee-paying school.
At Oxford he joined the Bullingdon Club, an exclusive dining society notorious for its rowdy parties, whose past members include the British prime minister, David Cameron. It’s not something he’s proud of.
“I certainly have no intention or desire to be a member of a club like that again,” he says. Since Oxford, he’s been teetotal.
He started off at investment bank Lazard. In 1996 Mr. Rothschild became a partner and later co-chairman of Atticus Capital LP, which came to epitomize a new breed of aggressive, globally connected hedge funds.
Read the full article@
[link to therearenosunglasses.wordpress.com]
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