Navigate this market better. Subscribe for FREE stock alerts and information.

Thursday, June 26, 2014

Natixis sells 5.4 percent Lazard stake for $356 mln, (NYSE: LAZ)

French bank Natixis said it sold its entire 5.4 percent stake in investment bank and asset manager Lazard Ltd on Thursday for $356 million as part of its 2014-17 strategic plan. Natixis said it would pursue a long-term relationship with Lazard regarding "French equity capital markets activities" and continue their cooperation agreement after the disposal.Natixis added in a statement that its chief executive, Laurent Mignon, would remain on the Lazard board as an independent director.Deutsche Bank Securities acted as sole bookrunner in the transaction.

Lazard Ltd (Lazard) is a holding company. Lazard is a financial advisory and asset management company. Shares of LAZ fell by 3.26% or $-1.69/share to $50.20. In the past year, the shares have traded as low as $30.72 and as high as $53.18. On average, 751989 shares of LAZ exchange hands on a given day and today's volume is recorded at 854813.