The heavy-atom heterocycle Pd[Re2(CO)8(μ-SbPh2)(μ-H)]2 (5) has been synthesized by the palladium-catalyzed ring-opening cyclodimerization of the three-membered heterocycle Re2(CO)8(μ-SbPh2)(μ-H) (3). The Pd atom occupies the center of the ring. The Pd atom in 5 can be removed reversibly to yield the palladium-free heterocycle [Re2(CO)8((μ-SbPh2)(μ-H)]2 (6).