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Friday May 06, 09:11
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Lazard gets $854.6 million in IPO, family-control era ended
(by Helen Snow)
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The investment bank Lazard Ltd., led by Bruce Wasserstein, raised its initial public offering to $854.6 million, the move that led to the end of the era of family-controlled bank.
Lazard sold 34.2 million Class A shares at $25 each during the IPO that was one of the top priorities for Bruce Wasserstein who promised to wind up Lazard’s going public this year or quit. Wasserstein sold Wasserstein, Perella & Co. to Frankfurt-based Dresdner Bank AG for $1.37 billion in stock in September 2000.
The bank, earlier known as Lazard LLC, is expected to raise the share price to $27 apiece.
The sale was managed by Goldman Sachs Group Inc. and left Lazard’s 185 managing directors with 66.3% of the voting power.
Under the terms, Wasserstein and his family trust will have 11.7 million shares in Lazard valued at about $300 million after the IPO. The salary of Wasserstein will amount to about $4.8 million in 2005, 2006 and 2007, compared with $3 million of 2004, 2003 and 2002.
Lazard was founded by Alexandre, Elie and Simon Lazard in in New Orleans in 1848. Later the company was led by Alexandre Weill, an ancestor of Michel David-Weill, who joined it in 1856, as the founders did not have male heirs.
The company employed 2,339 people at the end of 2004. Lazard’s net income in 2004 amounted to $29.5 million on revenue of $1.1 billion.
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