goetzpartners advised the board of directors of BHF Kleinwort Benson Group in the takeover defense

Deal Announcement


goetzpartners Corporate Finance was mandated by BHF Kleinwort Benson Group (“BHF KB”) to advise on appropriate reactions and strategic responses to potential takeover bids. In July 2015, the existing shareholder Fosun announced the intention to launch a takeover offer at €5.10 per share which was considered hostile. In November 2015, in the course of the takeover defence Oddo & Cie., being already a shareholder, announced its intention to launch a counterbid at €5.75 per share which was finally approved by the Board of Directors of BHF KB and lead to Fosun withdrawing its takeover bid.

The acceptance period for the offer began on 27 January and ended on 10 February 2016. Following the settlement of the shares tendered Oddo & Cie. will hold 97.22% of the outstanding BHF KB shares.

Oddo & Cie. believes that creating closer ties with BHF Kleinwort Benson Group will allow it to become a leading independent player in the Eurozone's financial landscape. With respect to the activities carried out by both companies, e.g. private banking, asset management and market activities, their combined size will ensure a comprehensive and innovative offer for investors and issuers, as well as operational synergies and substantial economies of scale. BHF Kleinwort Benson’s corporate loan business will allow Oddo & Cie. to add a new item to its portfolio of services for small and medium-sized businesses.


BHFKleinwort Benson Group SA is a merchant bank with principal activities in private banking, asset management and financial markets & corporates. The group, formerly RHJ International, is listed on the Euronext Brussels regulated market, and is mainly active in Germany, the UK and Ireland via its three subsidiaries, BHF-Bank AG, the Kleinwort Benson Wealth Management group and Kleinwort Benson Investors. At 30 September 2015, the group managed assets of €56 billion. 


Oddo & Cie. is an independent financial services group, founded over 160 years ago. In 2015, Oddo Group became a Franco-German group following the acquisition of Seydler in Frankfurt and Meriten Investment Management in Dusseldorf. With a staff of 1,300 and €61 billion in assets under management, Oddo & Cie. is active in investment banking and capital management.