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Politics : Ask Michael Burke -- Ignore unavailable to you. Want to Upgrade?

To: RealMuLan who wrote (49599)	3/3/1999 2:28:00 PM
From: RealMuLan	Respond to of 132070

Goldman revives share offering, sets partner vote Wednesday March 3, 2:04 pm Eastern Time NEW YORK, March 3 (Reuters) - Goldman Sachs & Co. said on Wednesday its management committee endorsed a new plan to take the 130-year-old investment bank public early this summer, reviving the planned stock offering it axed during last year's financial turmoil. Goldman's 220 partners, who on Monday will vote on the plan by teleconference, are expected to approve it following the powerful 15-member management committee's endorsement. Goldman could file for an initial public offering (IPO) with regulators the following week, and early this summer sell a 10-15 percent equity stake in the firm -- one of Wall Street's largest stock offerings ever, a company statement said. The new IPO plan is expected to result in slightly lower pay-outs for Goldman's retired and current partners, one former partner said. The reason is Goldman is likely to fetch less than it once hoped for in a public share offering, analysts said. A Goldman spokesman declined comment. In June last year, the firm's then 190 partners voted to take the company public in an offering they hoped would value the firm at $25-30 billion, or more than four times its $6.3 billion book value. The firm filed a registration statement with the U.S. Securities and Exchange Commission last August, but withdrew the offering a month later when financial markets plummeted in the wake of Russia's basically defaulting on its loans. "We have recommended that the firm become a public company to secure permanent capital to grow; to share ownership broadly among our employees; and to permit us to use publicly traded securities to finance strategic acquisitions that we may elect to make in the future, the firm's co-chairmen, Jon Corzine and Henry Paulson, said in a statement on Wednesday. biz.yahoo.com