HSBC Holdings PLC
08 April 2003
The following is the text of a paid advertisement to appear in the Hong Kong
press on 9 April 2003.
The Stock Exchange of Hong Kong Limited takes no responsibility for the contents
of this announcement, makes no representation as to its accuracy or completeness
and expressly disclaims any liability whatsoever for any loss howsoever arising
from or in reliance upon the whole or any part of the contents of this
announcement
Purchase of 11.81% of the capital of Banque Eurofin
* Connected Transaction
A subsidiary of HSBC Holdings plc has agreed to acquire 11.81% of the capital of
Banque Eurofin S.A.
CCF S.A. ("CCF"), a 99.99% owned subsidiary of HSBC Holdings plc, has agreed to
acquire with effect from 1 February 2006 11.81% of the share capital of Banque
Eurofin S.A. ("Eurofin") from Gerard de Bartillat (4.41%) and a company ("GBP")
owned by the Bartillat Family (7.40%). Eurofin is a private bank based in France
whose main activities are fund and wealth management.
CCF Holding (Suisse) S.A. and CCF Banque Privee Internationale, subsidiaries of
CCF, currently own 43.6% and 16.3% respectively of the share capital of Eurofin.
As previously announced on 4 February 2003 CCF will also acquire, in May 2003,
11.3% of the share capital of Eurofin from the Vallet Family. The acquisition of
shares from the Vallet family, Mr de Bartillat and GBP will increase CCF's
interest in Eurofin from 59.9% to 83.02%. The consideration for the acquisition
of the 11.81% of Eurofin will not exceed €24.2 million (approximately HKD202.6
million), being €9.03 million for the shares held by Mr de Bartillat and €15.16
million for the shares held by GBP, and will be payable in cash on 1 February
2006.Mr Gerard de Bartillat is a Director and the Chief Executive Officer of
Eurofin.
As the total consideration amount is within the de-minimis exemption in respect
of connected transactions under Rule 14.25(1) of the Listing Rules, details of
the purchase of 11.81% of the share capital of Eurofin will be included in the
Company's next published annual report and accounts in accordance with Rule
14.25(1)(A) to (D) of the Listing Rules.
Agreement date: 19 March 2003
Completion date: Completion is to take place on 1 February 2006
Vendors: GBP and Gerard de Bartillat, who is also a Director and the CEO of
Eurofin.
Purchaser: CCF S.A. - a subsidiary of HSBC Holdings plc
Assets to be acquired: 11.81% of the share capital of Eurofin
Consideration: Not exceeding €24.2 million (approximately HKD202.6 million)
payable in cash on 1 February 2006. This was negotiated on normal commercial
terms on an arms-length basis, based on earnings, funds under management and
discounted cash flow of Eurofin.
Payment terms: Payment will be made in cash on completion
Exchange rate: The Hong Kong dollar equivalent figures in this announcement have
been converted at a rate of €1 = HK$8.37
For and on behalf of
HSBC Holdings plc
R G Barber
Group Company Secretary
9 April 2003
HSBC Holdings plc
Incorporated in England with limited liability. Registered in England: number
617987
Registered Office and Group Head Office : 8 Canada Square, London E14 5HQ,
United Kingdom
This information is provided by RNS
The company news service from the London Stock Exchange
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Uses the information solely in relation to the management of their personal funds and not as a trader to the public or for the investment of corporate funds;
Does not distribute, republish or otherwise provide any information or derived works to any third party in any manner or use or process information or derived works for any commercial purposes.
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