The French bank could be delisted.
(Photo: Bloomberg)
Frankfurt The bank Rothschild & Co could be delisted. The Rothschild family, the bank’s largest shareholder, announced plans to do so on Monday. The Paris-listed Rothschild & Co share then rose by around 17 percent to 47 euros.
The family holding Concordia is ready for a takeover at 48 euros per share, according to the family statement. Accordingly, the bank is valued at around 3.7 billion euros. The family owns 55 percent of the shares, according to Refinitiv data.
Rothschild & Co has three divisions: the investment bank, asset and wealth management and the business customer division. According to Concordia, none of the businesses require capital from the stock market.
The takeover bid is to be presented to shareholders on May 25. In addition, a special dividend of eight euros per share is to be paid out.
In M&A advisory, Rothschild & Co was the global number six last year. In the USA, the bank has expanded its business in recent years. Notably, Rothschild grew earnings every quarter of 2022 despite the turbulent market environment.
Concordia is currently in advanced negotiations with investors and banks to finalize financing for the acquisition. The offer should be available by the end of the first half of the year.
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