A way to David-Weill

22 December 2002 By Rob Cox Follow @rob1cox

The timing is fortuitous given an apparent rift between Lazard and Credit Agricole over the Lyonnais battle. UBS will inform regulators it has more than 10% of Eurazeo, putting pressure on DavidWeill s cascade.

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UBS has raised its stake in Eurazeo, a listed French investment company, to just over 10% from about 7%, and will put pressure on management to narrow the discount to its net asset value through a breakup or merger with its parent, according to people familiar with the Swiss bank's plans. The bank declined to comment on the situation.

Eurazeo was formed by the merger two years ago of Eurafrance and Gaz & Eaux, two companies that at the time made up the chain through which Michel DavidWeill and other partners controlled investment banking partnership Lazard. Eurazeo owns about 16% of Lazard, as well as stakes in other funds, unlisted firms and public companies including Danone, Pearson, Saint Gobain, Cap Gemini and Vivendi Environnement.

About half of Eurazeo is controlled by listed property and investment vehicle Rue Imperiale, itself formed by the merger of two listed companies a year ago. Haussman Percier, a private company controlled by DavidWeill, controls Imperiale.

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