Concordia said on Thursday it had acquired all the shares it was permitted to acquire of Rothschild & Co, paving the way for the Rothschild family's holding company to open an offer to take the investment bank private.
Concordia said it bought 8.18 million shares of Rothschild at 46.60 euros per share.
The opening of an offer to delist the bank will take place following a clearance decision from the French market regulator AMF. The Rothschild family said in February it was seeking to take the bank private.
Rothschild in May posted a 10% drop in first-quarter sales, as global mergers and acquisition activity fell to the lowest level in more than a decade.
The bank, led by Alexandre de Rothschild, said total group revenue over the first three months of 2023 fell to 606.2 million euros ($667.30 million) from 675.3 million euros in 2022.
(Reporting by Chandni Shah and Juby Babu in Bengaluru; Editing by Shailesh Kuber)
