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Goldman moves near IPO
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June 1, 1998: 9:38 a.m. ET
Two influential panels endorse plan for partnership to sell stake to public
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NEW YORK (CNNfn) - Goldman Sachs & Co. reportedly has taken one step closer to becoming a public company.
At meetings in New York over the weekend, Goldman's operating and partnership committees recommended the limited partnership consider a proposal to sell a stake to the public, the Wall Street Journal reported Monday.
The 130-year-old partnership -- the last major one on Wall Street -- will take up the proposal at a full partners meeting June 12 or shortly after, indicating the highly anticipated initial public offering may come as early as the fourth quarter, the Journal said.
Goldman Sachs has 190 partners with equity stakes. The IPO proposal, which values the firm at an estimated $30 billion, would include incentives for its 210 managing directors and lower-level vice presidents.
The endorsements from the two committees -- each with 19 members -- is the broadest support yet for a public sale. The investment bank has considered a public sale seven times during the past 27 years.
Goldman Sachs officials couldn't be reached for comment.
Separately, Goldman Sachs said it named Henry M. Paulson Jr. as co-chairman and co-chief executive sharing the titles with Jon S. Corzine.
Since November 1994, Paulson has served as president and chief operating officer.
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Goldman Sachs
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