Rothschild family plans to take its Paris-listed investment bank private (updated)

Rothschild & Co SCA

06/02/2023 10:27

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      Plan to be submitted to shareholders on May 25
    

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      Shares jump by 17% in early trading
    

  
 (Adds detail, background)
    By Mathieu Rosemain
       PARIS, Feb 6 (Reuters) - The Rothschild family is
seeking to take its Paris-listed investment bank private,
Rothschild & Co  ROTH.PA  said on Monday, sending the shares up
by almost 17%. 
    Concordia, the family-owned holding and Rothschild & Co's
largest shareholder, is poised to file a tender offer for the
investment bank's shares at 48 euros each, Rothschild said in a
statement. 
    The price represents a premium of 19% compared to Rothschild
& Co's previous closing stock price as of Friday, at 40.25
euros. 
    Rothschild's shares were up by 16.5% at 1008 GMT at 46.9
euros per share, valuing the group at 3.6 billion euros ($3.88
billion). 
    The private ownership plan will be submitted to shareholders
on May 25, the investment bank said, adding that an exceptional
dividend of 8 euros per share would be paid if Concordia follows
suit with its buyout offer.  
    The Rothschild family owns about 55% of the company's
shares, according to Refinitiv. 
    Rothschild & Co posted revenue of 2.2 billion euros for the
first nine months of 2022, with gains across all business lines
from deal advisory to wealth and asset management, as per its
latest earnings report.
    However, the group warned of a "more challenging year"
ahead, with lower deal activity and declining assets under
management impacting fee income.
    Rothschild & Co said it would further inform the market on
the private ownership plan on Feb. 13, when it reports full-year
results. 
($1 = 0.9289 euros)
 (Reporting by Mathieu Rosemain
Additional reporting by Pablo Mayo Cerqueiro and Blandine
Henault;
editing by Silvia Aloisi and Emeia Sithole-Mtarise)
 ((Mathieu.Rosemain@thomsonreuters.com; +33 1 8098 1239; Reuters
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