Orange Bank Rejects Ripplewood Offer
By Adria Calatayud
Orange Bank's board rejected a takeover offer for its French operations from U.S. investment firm Ripplewood Holdings and Amsterdam-listed special purpose acquisition company Iris Financial, and favors a closure of the bank.
The banking business of the French telecommunications group said Monday that its board unanimously decided not to follow up on the takeover offer after analyzing it carefully, particularly with regards to its ability to guarantee the future development of the activity and to safeguard employment.
"In this context, the social process with staff representatives continues in order to define the best possible options for employees going forward," Orange Bank said.
Iris Financial--a special-purpose acquisition company formed by an affiliate of Ripplewood--separately said it will continue to follow the situation closely, but is no longer in discussions with Orange.
Orange in June said it planned to pull out of retail banking. Late last month, Orange Bank said it had received a takeover offer from Ripplewood that it was analyzing. Financial terms weren't disclosed.
A spokesperson for Orange Bank said the board's decision means the bank will now resume exclusive negotiations with BNP Paribas about its customer portfolios in France and Spain, which were paused after Ripplewood's proposal emerged.
Write to Adria Calatayud at adria.calatayud@wsj.com
(END) Dow Jones Newswires
January 15, 2024 08:04 ET (13:04 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.-
After Earnings, Is Baidu Stock a Buy, a Sell, or Fairly Valued?
-
Why Stocks Are Hitting Record Highs—and What Could Send Them Back to Earth
-
5 Stocks to Buy While They’re Trading at Big Discounts
-
Markets Brief: Tech Stocks Lead Ahead of Nvidia Earnings
-
How Anti-Obesity Drugs Are Innovating the Healthcare Market
-
What’s Happening In the Markets This Week
-
Why Immigration Has Boosted Job Gains and the Economy
-
What to Invest in During High Inflation
-
After Earnings, Is Uber Stock a Buy, a Sell, or Fairly Valued?
-
Lowe’s Earnings: Tumultuous Macro Weighs on Near-Term Results but Fails to Sway Our Long-Term View
-
Macy’s Earnings: Plan Taking Shape Despite Tough Environment
-
JPMorgan Investor Day: CEO Dimon Pushes Against More Stock Buybacks at Current Prices
-
Should You Buy and Hold an Artificial Intelligence Portfolio?
-
3 Cheap and Dependable Dividend-Growth Stocks to Buy
-
The Best Bank Stocks to Buy
-
After Earnings, Is Roblox Stock a Buy, Sell, or Fairly Valued?