ECB approves Oddo’s counterbid for BHF Kleinwort Benson

The European Central Bank (ECB) has given Oddo & Cie its approval to carry on with its counterbid for Belgian financial group BHF Kleinwort Benson, Oddo has announced.

However, this agreement is conditioned to the implementation by Oddo of a capital increase of €100m and to the joining of the group to the German guarantee funds deposit.

The shareholders of Oddo & Cie have already voted unanimously for the authorisation of a capital increase of this amount, Oddo specified. The integration to the German guarantee funds deposit (Prüfungsverband Deutscher Banken e.V.),  remains subject to approval as well as the prospectus by the Belgian Financial Services and Markets Authority (FSMA).

Philippe Oddo, managing partner of Oddo & Cie, said: “The green light from the European Central Bank is an important milestone in our project of acquiring the BHF Kleinwort Benson Group and thus of giving rise to a unique Franco-German group.”

Oddo&Cie, which already holds a 21,572% stake in BHF Kleinwort Benson, has launched its counterbid late November after it has filed a draft prospectus with FSMA for all the shares of the company, at a price of € 5.75 per share.

The counterbid follows Fosun’s takeover bid for BHF Kleinwort Benson launched last July at a price of €5.10 per share.

Brussels-listed company BHF Kleinwort Benson is active in private banking and asset management as well as on the financial markets and financing of businesses. It comprises BHF-Bank AG (€43.6bn AUM as of June 2015), the Kleinwort Benson Wealth Management Group and Kleinwort Benson Investors (€6.9bn as at December 2014).

As at 30 June 2015, the group had €58.5bn in assets under management as at 30 September 2015.

Adrien Paredes-Vanheule
Adrien Paredes-Vanheule is deputy editor and French-Speaking Europe Correspondent for InvestmentEurope, covering France, Belgium, Geneva and Monaco. Prior to joining InvestmentEurope, he spent almost five years writing for various publications in Monaco, primarily as a criminal and financial court reporter. Before that, he worked for newspapers and radio stations in France, in particular in Lyon.

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