Goldman Sachs buyout of minority soon

The local board of Goldman Sachs is getting closer to recommending terms under which the US-based bank will buy the 55 per cent of its Australian associate that it does not already own, The Australian reports.

The plan, which has been in the works for nine months, will be subject to a shareholder vote that requires 75 per cent approval.

While published accounts put the net assets of Australia's Goldman Sachs & Partners at A$780 million, the newspaper reports that the "the real number is likely to be closer to $1.2 billion."