Head of Lazard to Sell Shares in Partnership

Bruce Wasserstein, head of Lazard, filed to sell $850 million of shares in the largest closely held investment banking partnership, moving toward a resolution of a feud between two powers of the financial world.

The initial public offering will help pay for a $1.6-billion buyout of Chairman Michel David-Weill, ending his control of the firm started by his ancestors 156 years ago, according to a Securities and Exchange Commission filing.

Wasserstein has until 2006 to complete the IPO. He has agreed to resign or revise his contract if the sale fails.

Wasserstein, 56, filed the IPO amid a surge in takeovers as global economies recover and stock markets rise.