When WestLB put the venerable but slightly dishevelled corporate broker Panmure Gordon up for sale in January 2004 it was probably rather surprised to find 35 bidders competing for the toy it had got bored with.
Lazard, which successfully closed the deal with WestLB in January 2004 sensed an opportunity.
“It was an opportunistic deal in the sense that we reached our decision at a time when WestLB wanted to exit,” says Marcus Agius, chairman of Lazard in London.
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