HAUCK & AUFÄUSER

Fosun Clears Hurdle in German Bank Deal

Hauck & Aufhaeuser PR
Hauck & Aufhäuser was first established in 1796. It is now close to being taken over by China's Fosun.
  • Why it matters

    Why it matters

    Fosun is buying stakes in companies around the world that can help develop and feed the demand of China’s growing consumer class.

  • Facts

    Facts

    • Fosun agreed to become the majority shareholder in Hauck & Aufhäuser for €210 million in July of 2015.
    • The approval process in Germany was delayed due to the brief disappearance of Fosun founder Guo Guangchang.
    • Fosun also tried to acquire the German private bank BHF Bank last year, but lost the bidding process to the French private bank Oddo.
  • Audio

    Audio

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The European Central Bank and German regulator BaFin have cleared the takeover of Hauck & Aufhäuser by Fosun, Handelsblatt has learned, bringing the Chinese conglomerate a major step closer to owning one of Germany’s oldest private banks.

The review of the acquisition is complete and Fosun will be cleared as the bank’s new owner without any conditions, sources told Handelsblatt.

The deal is not yet finalized, however. The takeover also has to be approved by financial authorities in Luxembourg, where the bank has investment operations. The backing of the ECB and BaFin is considered pretty decisive, however.

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