Lazard's de Combret, Partner in Paris, Leaves Firm, People Say
Aug. 23 (Bloomberg) -- Lazard Ltd.'s Francois de Combret, a partner in Paris, is leaving the investment bank after 23 years advising on takeovers, people familiar with the situation said.
De Combret, 64, helped arrange last year's $5.7 billion purchase by Sagem SA, France's second-biggest maker of military electronics, of engine-maker Snecma SA. He's also a director of companies including carmaker Renault SA. De Combret and Lazard spokesman Richard Creswell declined to comment.
He's departing as Lazard's mergers ranking in France slipped to 17th, its worst in at least a decade, after a feud between Chief Executive Officer Bruce Wasserstein and former Chairman Michel David-Weill over the firm's initial public offering. Gerardo Braggiotti, a deputy chairman in charge of business outside of France and Britain, left in July after Wasserstein, 57, named Paris partner Georges Ralli to run the region with Jeffrey Rosen and William Rucker.
``When there is an IPO, there is going to be some turmoil,'' said Eileen Fahey, a credit-rating analyst at Fitch who covers U.S. investment banks, including Lazard. ``Hopefully, it slows down.''