March 4, 2011 / 10:39 AM / 8 years ago

UPDATE 1-Belgian billionaire Frere, BNP bid for NPM/CNP

* Frere and BNP-Paribas bid 48.64 euros per share

* Shares rise to levels just below offer price

(Adds share price reaction, analyst comment)

BRUSSELS, March 4 (Reuters) - A company jointly owned by Belgian billionaire Albert Frere and BNP Paribas (BNPP.PA) has bid for the shares it does not already own in Belgian holding company NPM/CNP NAT.BR, the company said.

ERBE, 53 percent owned by the Frere family and 47 percent by BNP, is offering 48.64 euros per share for NPM/CNP, a 21 percent premium to Thursday’s closing price.

“The company will become private and in the long term, a patrimonial entity wholly owned by the family of Mr. Albert Frere,” NPM/CNP said in a statement posted on its website.

Shares of NPM/CNP were up 19.1 percent in early trading on Friday at 48.02 euros, just below the offer price and valuing the company at about 5.3 billion euros ($7.4 billion).

KBC analyst Tom Simonts, who recommends investors accept the offer, said it was below the official adjusted equity value of the group.

“It’s a meagre offer but it’s still a substantial premium to the last closing price. Such transactions never happen at 100 percent of the intrinsic value,” he said.

NPM/CNP’s adjusted net asset value per share was 52.03 euros on Wednesday, according to the company’s website.

ERBE owns 46.5 percent of NPM/CNP. The Frere family has an additional 20.8 percent stake.

NPM/CNP has stakes in a variety of companies such as Eiffage (FOUG.PA), Iberdrola (IBE.MC) and Total (TOTF.PA).

The group is also, via series of holding companies, linked to Groupe Bruxelles Lambert (GBLB.BR). (Reporting by Ben Deighton, additional reporting by Robert-Jan Bartunek; Editing by Hans Peters and Mike Nesbit) ($1=.7170 euros)

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