Oddo bids for BHF to rival Fosun’s offer
Print Edition
FRENCH independent financial services company Oddo & Cie yesterday said it was planning to make an offer for asset manager BHF Kleinwort Benson, rivaling an existing bid from Chinese giant Fosun.
Oddo is offering 5.75 euros (US$6.08) per share for Belgian-owned BHF Kleinwort Benson, whose main activities are private banking and asset management. It values BHF at 760 million euros.
That compares with a 5.10-euro bid that Fosun put on the table in July.
Oddo already holds 21.57 percent of BHF and said in a statement that it was prepared to acquire more than 50 percent of the company after reaching an agreement with two other shareholders, the Franklin Templeton and Aqton groups.
However, Oddo still needs a green light from banking regulatory authorities to proceed with its bid.
Media reports have said BHF had been hoping Oddo would enter the fray as a “white knight” to rescue it from coming under the control of the Fosun conglomerate which has been aggressively buying into European financial services.
Frankfurt-based BHF Kleinwort Benson, formerly RHJ International, specializes in private banking and asset management, but is also involved in activities tied to the financial markets and the financing of businesses.
Its assets under management were worth 58.5 billion euros as of June 30.
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