The Rothschild family’s holding company, Concordia, could file its takeover bid for investment bank Rothschild & Co with the aim of delisting it, if regulatory approvals have been obtained, according to information given to shareholders on Thursday.
The investment bank held its general meeting on Thursday. In February, Concordia, its largest shareholder with nearly 40% of the capital, announced its intention to file a takeover bid at the end of the first half, at a price of 48 euros per share, in order to request its delisting.
The public listing did not bring much because the group does not need capital on the stock market, it has strategies that take place over the very long term, declared to the shareholders Marc-Olivier Laurent, chairman of the supervisory board. de Rothschild & co.
He indicated that the filing of the offer was conditional on obtaining multiple regulatory authorizations in many countries. The process is on track but not complete, the filing of the offer is conditional on obtaining the last of the necessary authorizations from the regulatory authorities.
There is some uncertainty about how this will unfold but we are confident at this stage that we should get there within a timeframe consistent with the indicative timetable we have for this operation, added Mr. Laurent.
According to a very indicative timetable, we believe that the filing of the offer by Concordia should take place in June and that the opening of the offer could take place during the summer and take place between the end of July and the beginning of September, he said.
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Several big names in French capitalism, including the Peugeot and Wertheimer (Chanel) families, are to enter the capital of the investment bank as part of this operation.
Thursday, during the general meeting, some individual shareholders spoke about this withdrawal: I regret that you are leaving the Stock Exchange said one of them, another declaring himself in mourning and deploring that we were fired as messy ones.
If we had been opportunistic, or as you say that we wanted to get rid of small shareholders, we would have rather considered carrying out this operation during the first wave of Covid, when the price had fallen to 16 euros. We are doing this operation after two exceptional years, replied Alexandre de Rothschild, manager of the investment bank.