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

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(END) Dow Jones Newswires

November 27, 2015 15:07 ET (20:07 GMT)