Rothschild & Co off the stock exchange, shares fly to Paris
And the fine of an era. The prestigious British bank Rotschild & Co is ready to leave Bag Paris. The family, 38.9% shareholder through the holding company Concordiaannounced that it is launching a takeover bid aimed at withdrawing the title from the list after 185 years old of history. The announcement immediately found the “placet” of the market: in the middle of the day, the stock achieved a 16.8% increase to 47 euro, while the index Cac 40 lost 1.4%. The holding has announced that “it intends to present a public offering of simplified purchase on Rothschild & Co at the price of 48 euro per share, dividend attached and request the implementation of the squeeze-out”.
Concordia, which holds almost 40% of the capital and 47.5% of the voting rights of Rothschild & Co is “currently in advanced negotiations with investors and banks to finalize the financing of the offer,” the holding company said in a statement, stressing that the filing of the offer is conditional on the finalization of these negotiations. The price of 48 euros per share represents “a 19% premium to the closing price on Friday 3 February on the Paris Stock Exchange and by 27%, 34% and 36% respectively against the volume-weighted average price of 60, 120 and 180 days before that date, as well as a 15% premium compared to the all-time high achieved on January 13, 2022″.
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