French bank Oddo & Cie has made a rival bid worth €760 million, or $806 million, to buy German-British banking group BHF Kleinwort Benson, topping an offer from Chinese investor Fosun.
The offer from Paris-based Oddo, which already holds a 21.6-percent stake in BHF, had been considered for a number of months after Fosun’s own hostile bid was met with stiff resistance from some investors.
By entering the fray, Oddo hopes to create a Franco-German banking competitor for private banking clients in Europe and one of the largest asset managers on the continent.
“The alliance would be a milestone in the development of the group,” Oddo chief executive Phillippe Oddo said in a statement.
Fosun, which also owns around a fifth of BHF, offered in July to buy the Frankfurt-based bank for €5.10 per share or €675 million in total. Oddo’s bid is worth €5.75 per BHF share, compared with a closing price of €5.08 on Thursday. Regulators halted share trading on the Brussels Stock Exchange on Friday, pending Oddo’s offer.