Chinese firm Fosun has launched a takeover bid for BHF Kleinwort Benson worth €500m (£357m).
The Chinese investment group is an existing shareholder of merchant bank Kleinwort Benson, holding 19 per cent of the firm.
Kleinwort Benson was told of the takeover bid via a regulator notification from the Financial Services and Markets Authority, with Fosun offering €5.10 per share for the remaining 81 per cent of the company.
“The board was not contacted by the proposed offeror prior to, nor has been contacted by them since, receiving notification from the FSMA,” says Kleinwort Benson in a statement.
The company board has formed a sub-committee to review the takeover bid and any further developments. It will consist of independent directors Gerd Häusler, Anne van Aaken and Konstantin Graf von Schweinitz and executive director Leonhard Fischer.
The Kleinwort Benson statement continues: “In light of the nature of this proposed offer the board has agreed to form a special sub-committee to review all aspects of the proposed offer. The board will review the proposed offer and make further announcements in due course.”