Reuters: Regulatory News: UPDATE 1-RHJI retools deal to buy Deutsche Bank's BHF-Bank

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UPDATE 1-RHJI retools deal to buy Deutsche Bank's BHF-Bank Oct 30th 2013, 07:23 Share this Email Print Reprints Wed Oct 30, 2013 3:23am EDT * RHJI says Blackrock left consortium of bidders * RHJI, Deutsche Bank say confident deal will go through * BHF to be sold for 354 mln eur * RHJI unit Kleinwort to acquire 91 pct for 322 mln eur * RHJI to acquire remaining stake by issuing RHJI shares By Robert-Jan Bartunek and Ludwig Burger BRUSSELS/FRANKFURT, Oct 30 (Reuters) - Kleinwort Benson owner RHJ International and a group of co-investors have made a fresh attempt at winning approval to acquire Deutsche Bank's BHF-Bank, this time without former co-investor Blackrock. A previous deal proposal from the consortium including Blackrock had been held up by Germany's financial markets watchdog Bafin. Under the latest proposed 354 million euro ($487 million) deal, London brokerage Kleinwort Benson will acquire 91 percent of BHF for 322 million euros in cash, while RHJI will acquire the remainder by issuing shares to Deutsche Bank, RHJI said on Wednesday. Brussels-based RHJI said investment firm Blackrock, which was initially set to become a co-investor, decided to withdraw from the deal. A Deutsche Bank spokesman confirmed the deal structure and said the lender was confident that the deal would go through. RHJI and the remaining co-investors, China's Fosun Group , BMW heir Stefan Quandt and funds controlled by U.S. investor Timothy C. Collins, agreed to increase their funding to step into the breach. One of the people familiar with the approval process had told Reuters in August that German regulator Bafin, which has been evaluating the consortium, had asked Blackrock to provide details about how it would support BHF in a crisis. Another person familiar with the matter had said at the time that a key concern was whether Blackrock would take part in a capital increase in the event that further funds need to be provided to support BHF. RHJI said on Wednesday it was "confident that we will be able to obtain formal regulatory decisions from all of the necessary regulators in the coming weeks". Link this Share this Digg this Email Reprints

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