Franco-german group Oddo & Cie has received the approval from the German deposit guarantee fund (Prüfungsverband Deutscher Banken e.V.) via the Auditing Association of German Banks.
This was the second condition required by the European Central Bank, with a €100m capital increase, in order to let Oddo & Cie pursue its bid for BHF Kleinwort Benson.
Oddo Group has now secured the approval of all relevant banking regulatory authorities regarding the acquisition, including notably the PRA in the UK, ACPR in France and BaFin in Germany, to pursue its acquisition bid for BHF Kleinwort Benson and complete the transaction agreed with the Franklin Templeton group, which holds a 17.549% stake.
Following the acquisition of 23,206,881 BHF Kleinwort Benson’s shares from Franklin Templeton, Oddo & Cie now holds a 42.618% stake in BHF Kleinwort Benson.
In addition to the deal with Franklin Templeton, the group has signed a commitment of sale or firm contribution with the Aqton company, a Stefan Quandt holding company, holding 11.283% of BHF Kleinwort Benson’s capital.
Overall, Oddo & Cie will own 53.445% of BHF Kleinwort Benson’s capital.