The restructuring of the complex web of holding companies which control Lazard, the privately-owned investment bank, has stepped up a gear with the merger of two French property companies at top of the ownership chain.

The proposal by Rue Impériale de Lyon to take over the 55% it does not already own of Société Immobilière Marseillaise, to be called Rue Impériale, will simplify the complex holding company structure that controls Lazard. This merger follows the merger in 2001 of Eurafrance and Azeo, the other two holdings companies in the chain, to form Eurazeo.