JBWere, Goldman tie knot
(Australia) - Blue-blooded Melbourne stockbroking firm JBWere has announced its long anticipated merger with US giant Goldman Sachs, but the Australian firm will maintain majority control.
Under the deal announced last Friday, Goldman will acquire 45 percent of JBWere and JBWere Executive Chairman Terry Campbell will become Chairman and Chief Executive Officer of the new company, to be called Goldman Sachs JBWere.
The 55 percent JBWere stake will be owned by the 100 partners of the Melbourne firm, which was founded in 1840 and has so far fiercely resisted the trend for Australian firms to sell out or form alliances with larger international brokers.
The 55 percent JBWere stake will be owned by the 100 partners of the Melbourne firm, which was founded in 1840 and has so far fiercely resisted the trend for Australian firms to sell out or form alliances with larger international brokers.
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