Exclusive China's Fosun Gives Up Battle for Germany's BHF Bank

Chinese investor Fosun on Tuesday said it had sold its shares in Germany’s BHF Bank, giving up its one-time hopes of owning the storied Frankfurt-based financial firm. The move means France’s Oddo & Cie will gain full control of BHF, which was once one of the country’s biggest private banks but has struggled under numerous owners over the past decade. Fosun in a statement on Hong Kong’s stock exchange said it had sold its nearly 30-percent stake in BHF to Oddo. The French bank swooped in late last year with a takeover bid , just months after Fosun had launched its own hostile takeover but failed to gain traction among BHF’s investors. Fosun isn’t without a financial foothold in Germany, however. The Chinese investor will now concentrate on its takeover of another private German bank, Hauck & Aufhäuser.   Picture Source: Imago