Eurafrance, the holding company at the heart of the complex corporate structure behind Lazard, could announce the sale of its 3.9% stake in Generali, the Italian insurance company, as early as this week, according to senior banking sources in Paris.

A sale could raise around €2bn, which bankers expect Eurafrance to use to finance a takeover of Azeo, the next holding company down the complex chain of Lazard's structure. This could be followed by further restructuring of the protective cocoon of French companies that Michel David-Weill and his close colleagues have used to help exercise control over Lazard.