Chinese conglomerate Fosun International has withdrawn its voluntary and conditional public takeover bid in cash for wealth management group BHF Kleinwort Benson (BHF KB), according to the Belgian Financial Services and Markets Authority (FSMA).

Fosun has decided to withdraw the bid further to the mandatory counterbid of EUR5.75 per share in cash, which was made by Oddo et Cie on 27 November 2015.

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In July 2015, Fosun had offered EUR5.10 per share for Belgian financial services group BHF.

A formal response on the counterbid will be made by the Board after the final prospectus has been made available, BHF KB said in a statement.

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