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Germany's BaFin initiates review period for BHF's planned takeover.

M2 EQUITYBITES-November 25, 2013-Germany's BaFin initiates review period for BHF's planned takeover(C)2013 M2 COMMUNICATIONS

25 November 2013 - German financial regulator BaFin has informed Belgian financial services group RHJ International SA (EBR:RHJI) about the launch of the formal 60 working day review period for the clearance of the latter's planned EUR354m (USD478.5m) bid for German private lender BHF-BANK.

In a statement published today, RHJ said that the formal review period will expire on 18 February.

In September 2012, RHJ's wholly-owned unit Kleinwort Benson Group Ltd (KBG) agreed to buy BHF from Deutsche Bank AG (ETR:DBK) for EUR384m. The terms of the deal were changed in late October because one of the co-investors, BlackRock Inc (NYSE:BLK), had withdrawn.

Under the new terms, KBG will be acquiring 91% of BHF for EUR322m in cash, while RHJ will itself directly buy the remaining 9% in exchange for own shares worth some EUR32m.

The purchase of BHF was to be accompanied by a capital hike in KBG that would have reduced RHJ's 100% stake in the unit to 60%. Now that BlackRock has backed away, the other co-investors, namely Fosun International Ltd (HKG:0656), German entrepreneur Stefan Quandt's Aqton SE and entities affiliated with Timothy C Collins, will split a 35% KBG interest between themselves, leaving RHJ with 65%.

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Publication:M2 EquityBites (EQB)
Date:Nov 25, 2013
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