The Rothschild family's holding company, Concordia, announced on Monday its intention to file a takeover bid for the French investment bank Rothschild & Co, in which it holds nearly 40% of the capital, with a view to requesting its withdrawal from the Sotck exchange.
Concordia is currently in advanced negotiations with investors and banks to finalize the financing of this offer
", indicates the holding in a press release, specifying that the deposit of the OPA is "
subject to the finalization of the negotiations
The price of 48 euros per share "
" (i.e. reduced at the time of the deposit of distributions to shareholders) - i.e. a premium of 19% compared to the closing price on Friday on the Paris Stock Exchange and 15% compared to the historic high reached in January 2022 - will be proposed to the annual general meeting of shareholders to be held on May 25.
The shareholders will also be subject to the “
payment of an ordinary dividend of 1.4 euros per share
” but also “
an exceptional distribution of 8.0 euros per share, the payment of which would only take place if Concordia decided to file this offer.
» Simplified public purchase in cash.
Concordia currently holds 38.9% of the capital of Rothschild & Co and 47.5% of the voting rights.
None of the group's businesses requires recourse to the capital markets.
Moreover, their performance must be assessed over the long term.
The status of private company therefore appears to be more relevant than that of a listed company
”, specifies the holding company in its press release to justify its plan to withdraw from the stock market in the event of a favorable outcome of the takeover bid.
The offer, which "
could be filed with the Autorité des marchés financiers at the end of the first half of 2023
", is subject to obtaining the required authorizations.
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In a separate press release, Rothschild & Co “
took note of this proposed operation
” and appointed an independent expert.
The investment bank is due to publish its results on February 13.
On the Paris Stock Exchange, the Rothschild & Co share jumped shortly after the opening by 16.65%, to 46.95 euros.
A great rival of Lazard, the Rothschild & Co group has no capital ties with the Swiss private bank Edmond de Rothschild, named after the baron who founded it, in the hands of another branch of the family.