Lazard partners unanimous about IPO

Bruce Wasserstein, the head of the world biggest bank Lazard, received the company partners support to sell banks shares on next years initial public offering.

(PRWEB) October 10, 2004 -- Bruce Wasserstein, the head of the world biggest bank Lazard, received the company partners support to sell banks shares on next years initial public offering.

Earlier this month, Lazard said it postponed its IPO till the time the controversy between Wasserstein and Banks Chairman Michel David-Weill turn to an agreement.

Mr. David-Weill opposed the initial public offering as a way of pulling the power from him. Meanwhile, Wasserstein after the IPO will get more control over the firm and will have the chance continue the process of expanding. Going public will value Lazard at about $3 billion, making it the largest IPO of an investment bank since New York-based Goldman Sachs Group Inc.'s $3.65 billion initial stock offering in 1999.

``To do something like this, you have to have all your ducks lined up,'' said Nigel Nicholson, a professor of management at the London Business School.

The bank was dependent on the key business getters and that's what this is all about,'' said John Tattersall, a partner in the financial-services division of PricewaterhouseCoopers in London.
People say next week Lazard will file for the expected IPO.
Lazard spokesman declined to comment.

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