Word: lazard
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...Getty Oil last January, Boisi was convinced the bid was too low. So beginning at 7:30 one morning, he phoned six U.S. oil companies and the government of Saudi Arabia to find another buyer. Within 48 hours, Texaco responded with a higher offer. When Pennzoil, advised by Lazard Frères, was slow to close the deal, Texaco moved in. The final price for Getty: $10.1 billion, or $128 a share...
...same time, investment banking is losing its old, genteel overtones of Ivy League colleges and gentlemen's social clubs. Companies have got more fickle and change bankers with greater frequency. Says Felix Rohatyn of Lazard Freres, who built his reputation as a deal-maker during the 1960s: "Relationships are no longer as important as individual transactions. There is simply not the amount of long-term trust between clients and their investment bankers that there once...
...biggest gainers in the deal will be Dr Pepper shareholders and Lazard Frères, the Wall Street investment banking house. Stockholders will receive $22 each for shares that were worth about $15 only two weeks ago. Lazard Frères, which put the deal together, will walk away with $2.5 million for services rendered...
...expected to ratify the plan in a vote to be held possibly May 1, making Weirton Steel the nation's eighth-largest steel producer and largest employee-owned company. The deal was worked out with the help of the management-consulting firm of McKinsey & Co., investment banker Lazard Frères & Co. and other consultants. Their fees will be paid partly by the townspeople of Weirton (pop. 28,000), who have joined in planning everything from sock hops to telethons to save the plant...
...management will be chosen by the company's board. When the employees vote on the deal, they will also be deciding who will sit on that board. It will consist of two members from management, two from the union and six outsiders who will be nominated by Lazard...