French financial services firm Oddo & Cie has received approval from European Central Bank (ECB) to go ahead with its counterbid for BHF Kleinwort Benson Group.

This transaction is conditioned to the implementation of a capital increase of EUR100m by the Oddo Group and to join the group to the German guarantee funds deposit.

The shareholders of Oddo & Cie have already voted unanimously for the authorisation of a capital increase of this amount, Oddo said in a statement.

Additionally, the approvals of the German guarantee funds deposit (Prüfungsverband Deutscher Banken e.V.) as well as the prospectus by the Belgian Financial Services and Markets Authority (FSMA) are currently under process.

Oddo & Cie managing partner Philippe Oddo said: "The green light from the European Central Bank is an important milestone in our project of acquiring the BHF Kleinwort Benson Group and thus of giving rise to a unique Franco-German group."

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