Oddo & Cie successfully acquired BHF Kleinwort Benson for €760 million, enhancing its position in the European private banking and asset management sector.

Transaction Summary

On July 27, 2015, Fosun International Limited announced plans to initiate a public takeover bid for BHF Kleinwort Benson, offering €5.10 per share, amounting to a total value of €674 million. This offer represented a 9% premium over the closing share price from July 24, 2015. In response, Oddo & Cie declared its intent to counterbid on November 27, 2015, proposing €5.75 per share, or €760 million, which equated to a 23% premium above the closing share price on July 24, and a 32% premium over the three-month weighted average price. Oddo also secured firm undertakings from Franklin Templeton and Aqton to support its bid by selling or tendering their holdings, which, combined with Oddo's own stake, would give it control over more than 50% of BHF Kleinwort Benson. Subsequently, Fosun withdrew its takeover offer on December 18, 2015.

Target Information

BHF Kleinwort Benson operates as a European financial services group, primarily engaged in private banking and asset management. Originally known as RHJ International, the firm is publicly listed on the Euronext Brussels regulated market and maintains a significant presence in key markets including Germany, the UK, the Channel Islands, and Ireland through its subsidiaries, which consist of BHF-Bank, Kleinwort Benson Bank, Kleinwort Benson Channel Islands, and Kleinwort Benson Investors. As of June 30, 2015, BHF Kleinwort Benson managed approximately €59 billion in assets and recorded shareholders' equity of €793 million by September 30, 2015.

Industry Overview

The financial services industry in Europe, particularly in countries like Germany and the UK, continues to evolve, marked by advances in technology and changing regulatory landscapes. Private banking and asset management sectors have seen a growing demand for pers