Lazard CEO Bruce Wasserstein has got extension of the time period during which he is to complete the IPO of the investment bank. So far the ultimatum put forward by the company chairman Michel David-Weill specified that Wasserstein has time until June 30 to finish with the IPO. The two are still debating the consequences for Wasserstein if he fails to fulfil the conditions after accepting the deadline.

 

The IPO is expected to value the world's biggest closely held investment bank at about $3 billion and make the biggest investment bank IPO since Goldman Sachs's stock sale in 1999. The IPO would provide CEO with capital for expansion and end David-Weill's control of the company his family founded in 1848.

 

Randall Weisenburger, chief financial officer of Omnicom Group Inc., a New York-based advertising company, who formerly worked with Wasserstein says that the latter has an ``interest in getting control.'' ``He likes the platform. He's the kind of guy who doesn't retire.''

 

Lazard has been losing money of late as profit before payments to partners fell to $249 million in 2003 from $287 million in 2002. In 2003, the company paid out $290 million to partners.

 

Wasserstein and David-Weill have been at odds since the CEO recruited over 12 bankers including Gary Parr, from Morgan Stanley, and Michael Biondi, from Dresdner Kleinwort Wasserstein, to revive the mergers business, which led to a drastic drop in profits.