Bruno Roger
Strategic Concepts & Mechanics
Primary Evidence
"He defines himself initially as: "I am first and foremost the man, the scarcely visible link, who unites and underpins the efforts of the Lazard houses. I believe that for some, Lazard-Paris is Jean Guyot; for others, Antoine Bernheim or Bruno Roger. That Lazard-New York is Félix Rohatyn or Zarb. That Lazard-London is, depending on who you ask, John Nott or Wemer Wylie... But in fact, it is true that through them, it is still me; in other words, the house is always "ours", and its story continues...""
"To protect the capital of Moët-Hennessy, Bruno Roger proposes to Alain Chevalier to issue 800 million francs (122 million euros) of bonds with warrants (OBSA). These are fixed-income securities that can later be converted into shares."
"The threat of a raid is becoming increasingly clear. Alain Chevalier and Jean-Louis Masurel call on Bruno Roger for help. Together, they reflect on different means of deterrence and decide on an issuance of bonds with subscription warrants for shares (OBSA) on the eurofranc market. Shareholders waive their preferential subscription rights in favor of potential foreign investors whose names they don't even seek to know. The issuance is launched in mid-March 1987 under the direction of David Dautresme, managing partner of Lazard. The bank on Boulevard Haussmann takes the lead of the banking pool which includes Crédit Lyonnais, BNP, and Crédit Suisse-First Boston. Each bond, worth 10,000 francs, is accompanied by 18 warrants allowing subscription to Moët-Hennessy shares at 2,720 francs until April 1990. The bonds and warrants are listed separately. In total, the operation ultimately yields nearly 4 billion francs and potentially represents 18% of the group's capital."