Merger Advisory Firm’s Earnings Decrease
Bermuda’s Lazard Ltd., the biggest non-bank merger advisory firm, reported earnings decreased 15 percent excluding a one-time gain.
Earnings fell to $52.9 million, or 39 cents a share, compared with $62.2 million, or 46 cents, in the same period a year earlier, the Hamilton-based firm said today [Oct. 27] in a statement. The earnings excluded an $18.2 million pretax gain related to the repurchase of its subordinated convertible promissory note.
Stabilising the European banking system will be key to continued expansion in global mergers and acquisitions [M&As], Lazard vice chairman Gary Parr said last month at the Bloomberg Dealmakers Summit. Global announced takeovers fell 18 percent to $533.6 billion in the third quarter from the previous period, according to data compiled by the Bloomberg financial and business news network.
Operating revenue from mergers and acquisitions and strategic advisory increased 24 percent to $199.1 million from the year-earlier period, according to the statement. Lazard ranks ninth on the M&A league tables this year, with $203.4 billion in announced deals.
Lazard shares have fallen 37 percent this year.
