France's Oddo Trumps Fosun Offer for Fund Manager --Update
November 27 2015 - 3:22PM
Dow Jones News
By Eyk Henning
FRANKFURT--Oddo & Cie, a French boutique investment-banking
and asset-management firm, has made a EUR760 million ($805 million)
offer for Belgium-based rival BHF Kleinwort Benson Group, trumping
an earlier approach by China's Fosun International Ltd.
The move by the Paris-based firm follows BHF's rejection of a
takeover offer from the fast-expanding Chinese group in July.
Oddo has offered EUR5.75 a share for BHF Kleinwort Benson, a 13%
premium to the EUR5.10 a share offer made by Fosun.
Oddo's Managing Partner Philippe Oddo said the deal "would be a
milestone to grow" his company and help expand Oddo's footprint in
Germany.
The French firm plans to sell some BHF Kleinwort Benson U.K.
assets, with an equity value of GBP190 million ($285 million), to
French bank Société Générale should the deal go through, Mr. Oddo
said. Oddo expects regulatory approval of the transaction by
mid-December, he said.
Société Générale said combining the BHF Kleinworth Benson assets
with its SG Hambros unit would create "one of the best private
banks in the U.K. and Channel Islands."
BHF Kleinwort Bendon late Friday said that it supports Oddo's
offer, adding the French firm has already struck an agreement with
certain shareholders that provides them more than 50% in BHF.
That practically derails the offer of Fosun, which is currently
waiting for regulatory approval for its own BHF offer.
The Chinese investment firm earlier this year bought a
controlling stake in Hauck & Aufhaeuser KGaA, a private German
bank for wealthy clients. Fosun seeks to combine Hauck &
Aufhaeuser with BHF Kleinwort Benson, people familiar with the
matter said.
Oddo, which made net profit of EUR54 million on net banking
income of EUR315 million in 2014, acquired Close Brothers Seydler
AG last year.
Write to Eyk Henning at eyk.henning@wsj.com
Subscribe to WSJ: http://online.wsj.com?mod=djnwires
(END) Dow Jones Newswires
November 27, 2015 15:07 ET (20:07 GMT)
Copyright (c) 2015 Dow Jones & Company, Inc.
Societe Generale (EU:GLE)
Historical Stock Chart
From Aug 2024 to Sep 2024
Societe Generale (EU:GLE)
Historical Stock Chart
From Sep 2023 to Sep 2024