The offices of Banque Oddo near La Madeleine in Paris are a construction site, with almost everything out of place, a symbol of the banking group’s restructuring.
The rooms are filled with the pungent smell of paint, but Philippe Oddo doesn’t mind. Ever since his bank submitted a bid for the Germany’s private BHF bank last year, he has been spending most of his time in Frankfurt.
Mr. Oddo’s battle to acquire BHF finally ended – successfully – this week. Chinese investment conglomerate Fosun, which had launched its own hostile takeover for BHF earlier last year, conceded defeat this week and said it would sell it’s near 30-per-cent stake in the German bank to Oddo. Other major shareholders had already signaled they would sell their own stake to the French bank as well.
That clears the way for Oddo to fulfil its goal: Creating a Franco-German banking power that can play ball with the biggest in Europe.
Philippe Oddo spoke with Handelsblatt about the bank’s acquisition plans.