Another fees bonanza for bankers and lawyers

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Both London-listed commodities companies have turned to long-standing advisers.

Citigroup, Morgan Stanley and, it is believed Credit Suisse, are acting for Glencore, along with "Magic Circle" solicitors Linklaters. All those firms worked on Glencore's 2011 stock market float.

Deutsche Bank, JPMorgan Cazenove, Goldman Sachs and Nomura are acting for Xstrata, with legal advice from Freshfields.

Bankers can earn as much as 1% of the transaction, although they are set to take a lower percentage in this merger as Glencore already holds a 34% stake in Xstrata.

Nigel Robinson at Deutsche and Ian Hannam at Caz are likely to play key roles for Xstrata while David Wormsley at Citigroup and Thomas Gottstein at Credit Suisse have previously advised Glencore.

Analysts said the lawyers' fees are likely to be high because Glencore and Xstrata operate in so many countries around the world.

The Lawyer magazine reported that Freshfields partner Julian Makin is advising Xstrata, while Glencore is using Linklaters partner Charles Jacobs.

City public relations firm RLM Finsbury is also acting for Glencore. Xstrata is using Aura Financial, a low-profile PR agency which has been a long-standing adviser for the firm.