Saturday 3 December 2016

Oddo makes €760m offer for BHF Kleinwort Benson

Fabio Benedetti-Valentini

Published 29/11/2015 | 02:30

Oddo, which already owns 21.6pc of BHF Kleinwort Benson, offered €5.75 a share for the rest.
Oddo, which already owns 21.6pc of BHF Kleinwort Benson, offered €5.75 a share for the rest.

Oddo & Cie, a French fund manager and investment bank, has offered to buy BHF Kleinwort Benson with the help of Societe Generale for a price that beats Fosun International's bid. The move, if successful, will give it a foothold in the improving Irish market.

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Oddo, which already owns 21.6pc of BHF Kleinwort Benson, offered €5.75 a share for the rest.

That would value the Brussels-listed bank at about €760m. The bid is about 15pc more than the takeover target's Thursday opening price and beats Hong Kong-based Fosun's July proposal of €5.10.

If its offer succeeds, Oddo would almost double its staff and assets under management and expand in Germany and Ireland. The company plans to keep BHF Kleinwort Benson's Frankfurt-based wealth-management division as well as its Irish asset-management unit, headed by Sean Hawkshaw. Societe Generale said separately that it agreed to take over the private-banking activities in the UK and the Channel Islands if the deal is successful.

"This acquisition would allow Societe Generale Private Banking to accelerate its development in its core markets in EMEA and especially in the UK," France's second-largest bank said.

Oddo said it can win control of at least 50pc of BHF Kleinwort Benson's shares, it has firm sale commitments from Franklin Templeton Group and Aqton, which hold about 17.5pc and 11.3 pc of Kleinwort Benson's respectively, the company said.

Oddo has about 1,300 employees and €61bn of assets under management.

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