Last updated: 09:20 / Wednesday, 2 December 2015
Offers €5.75 Per Share

Oddo & Cie Has Launched a Counterbid for the BHF Kleinwort Benson Group

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Oddo & Cie Has Launched a Counterbid for the BHF Kleinwort Benson Group
  • BHF Kleinwort Benson is a European financial Holding, which is primarily active in private banking and asset management, as well as on the financial markets and financing of businesses
  • It is listed on the Euronext Brussels regulated market, and is mainly active in Germany, the United Kingdom and Ireland
  • As at 30 June 2015, the group had 58.5 billion euros in assets under management and its shareholders' equity amounted to 793 million euros as at 30 September 2015

Oddo & Cie is launching a voluntary and conditional counterbid for BHF Kleinwort Benson Group, a Brussels-listed company, subject to approval from the banking regulatory authorities.

BHF Kleinwort Benson is a European financial Holding, which is primarily active in private banking and asset management, as well as on the financial markets and financing of businesses. The Holding, formerly RHJ International, is listed on the Euronext Brussels regulated market, and is mainly active in Germany, the United Kingdom and Ireland, via its three subsidiaries, BHF-Bank AG, the Kleinwort Benson Wealth Management Group and Kleinwort Benson Investors. As at 30 June 2015, the group had 58.5 billion euros in assets under management and its shareholders' equity amounted to 793 million euros as at 30 September 2015.

Key points of the transaction

Oddo & Cie has filed a draft prospectus with the Belgian Financial Services and Markets Authority (FSMA) for all the shares of the company, at a price of €5.75 per share, which represents a premium of 15,2% compared to the opening market price on 26 November 2015 and of 40% compared to the average stock price between 24 July 2014 and 24 July 2015, the date on which Fosun Group launched a takeover bid at a price of €5.10 per share.

As a shareholder holding a 21,572% stake, the Oddo Group has signed a firm commitment with respect to the sale or the tender, respectively, with the Franklin Templeton Group, which holds 17.549% of the capital and with the company Aqton, a holding controlled by Stefan Quandt, which holds a 11.283% stake. Oddo & Cie is therefore satisfied that it will be in a position to acquire 50,404% of the capital.

The Oddo Group has reiterated its intention to expand in the eurozone and has thus decided not to maintain the private banking activities in the United Kingdom and in the Channel Islands. To this end and with a view to the transfer of these activities, the Oddo Group has negotiated a firm commitment from Société Générale, the price and main terms of which are fixed, to acquire Kleinwort Benson Bank Limited (United Kingdom) and Kleinwort Benson (Channel Islands) Holdings Limited (Guernsey), subject to a successful public takeover bid and standard conditions precedent, including the negotiation of a sale purchase agreement relating to the shares with BHF Kleinwort Benson.

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