December 18, 2015 / 5:30 PM / 4 years ago

Fosun withdraws its offer for BHF Kleinwort Benson: FSMA

A company logo of Fosun International is seen during the annual general meeting of the Chinese conglomerate in Hong Kong, China May 28, 2015. REUTERS/Bobby Yip

FRANKFURT (Reuters) - Chinese investment group Fosun has withdrawn its offer for wealth management group BHF Kleinwort Benson, the Belgian stock market regulator said on Friday.

Fosun had offered 5.10 euros per share for BHF, but its bid was challenged by French private bank Oddo & Cie, which made a rival bid at 5.75 euros last month, valuing the Anglo-German lender at 760 million euros ($824 million).

“The bidder has taken this decision to withdraw the bid further to the mandatory counterbid in cash announced on 27 November 2015 by Oddo et Cie,” regulator FSMA said in a statement on Friday.

Reporting by Andreas Kroener; Writing by Maria Sheahan. Editing by Jane Merriman

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