Lazard Ltd LAZ reportedly held a talk for an acquisition deal with Abu Dhabi's sovereign wealth fund ADQ.
Sheikh Tahnoon bin Zayed al-Nahyan, ADQ's Chairman and Abu Dhabi's influential national security adviser, talked to Ken Jacobs, LAZ's departing CEO, about acquiring the investment bank this year, per Financial Times.
Related: Lazard CEO To Resign, Names Replacement: Report
However, the negotiations fell apart after both sides withdrew from the deal.
The report quoted Lazard commenting, "As you'd expect, we talk to people all the time but we don't comment on speculation."
Notably, Abu Dhabi has been aiming to expand its foothold in financial services and diversify the economy away from hydrocarbons.
Last month, Lazard announced the appointment of Peter R. Orszag as the new CEO, effective October 1, 2023.
Price Action: LAZ shares are trading higher by 2.52% at $32.91 on the last check Tuesday.
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