Oddo&Cie completes capital increase to take over BHF

Franco-German Oddo has completed a €100m capital increase. Its shareholders’ equity therefore reaches over €700m.

The firm reported the capital increase has been subscribed to by all existing shareholders, especially the Oddo family and Oddo Group employees, and two family-owned financial groups: Boussard & Gavaudan, a French management company founded by Emmanuel Boussard and Emmanuel Gavaudan, and Téthys, the holding company of the Bettencourt-Meyers family, the major shareholder of the L’Oréal group.

Oddo’s ownership structure is now as following : 60% owned by Oddo family, 30% by Oddo employees, 7% by Boussard & Gavaudan, Téthys and Allianz and the remaining 3% by other shareholders.

The capital increase was one of the two conditions set by the European Central Bank to the approval of the acquisition of Belgian listed financial group BHF Kleinwort Benson by Oddo.

The deal is expected to be completed by the end of Q1 2016 said Philippe Oddo (pictured), managing partner of Oddo & Cie.

The ECB also requires the approval of the German deposit guarantee fund (Prüfungsverband Deutscher Banken e.V.), “whose formal response is expected in the very short term” according to Oddo group.

On 27 November 2015, Oddo&Cie has launched a counterbid to take over BHF Kleinwort Benson in which it had already a 24.613% stake.

The group has signed a commitment of sale or firm contribution with, respectively, the Franklin Templeton Group, which has 17.549% of the capital and with the Aqton company, a Stefan Quandt holding company, a shareholder with an 11.283% stake.

Overall, Oddo&Cie will own 53.445% of the capital.

Adrien Paredes-Vanheule
Adrien Paredes-Vanheule is 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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