Franco-German group Oddo&Cie has announced the closing of its squeeze-out and the withdrawal of BHF Kleinwort Benson Group’s shares.
Oddo&Cie held 128,563,590 BHF KB shares, representing 97.22% of the outstanding BHF KB shares at the end of the initial acceptance period for the counterbid on 10 February.
The firm has proceeded to a squeeze-out which has ended on 11 March.
Some 3,253,296 additional BHF KB shares were tendered, representing together with the BHF KB shares held by the counterbidder, 99.68% of BHF KB’s capital.
The settlement of these shares is expected to occur on 24 March 2016.
At the close of the squeeze out, the BHF KB shares were delisted from Euronext Brussels.
Oddo&Cie said some 427,278 BHF KB shares were not tendered voluntarily during the acceptance period of the squeeze-out.
“The funds necessary to pay the price for the 427,278 BHF KB shares, which have not been tendered to the squeeze-out, shall be deposited with the Deposito-en Consignatiekas/Caisse des Dépôts et Consignations in Belgium,” the company specified.
Oddo&Cie will then hold 100% of BHF KB’s capital.