   |
|
|
|
|
| Capital Reorganisation
UK REGULATORY NEWSLONDON--(BUSINESS WIRE)--July 9, 2003-- Rothschilds Continuation Holdings AG: Restructuring BizVantage – Beyond the news: when knowing counts. -- XS0126649077 -- XS0145120043 The English and French Rothschild families announce that they have agreed to consolidate their respective shareholdings in the Group in a new holding company, Concordia BV, which will be owned in equal shares by the English Rothschild family and Paris Orleans SA, a public company through which the French family's interests are held. Concordia BV will own a controlling interest in Rothschilds Continuation Holdings AG, and it will acquire from Paris Orleans SA a significant interest in Rothschild & Cie Banque. As part of the restructuring Rothschilds Continuation Holdings AG will acquire full ownership of Rothschild North America Inc and N M Rothschild & Sons Canada Holdings Limited. Rothschilds Continuation Holdings AG is the parent company of the Rothschild international investment banking group. The Group has offices in more than 30 countries, and its subsidiaries include N M Rothschild & Sons Limited. To complement this restructuring, a number of changes are to be made in the way in which the Group is managed. After 21 years as Chairman, Sir Evelyn de Rothschild has decided to leave the Board of Rothschilds Continuation Holdings AG and to hand over the chairmanship of the company to David de Rothschild. Sir Evelyn will remain Chairman of N M Rothschild & Sons Limited. David de Rothschild, who will continue to be Deputy Chairman of N M Rothschild & Sons Limited, will have management responsibility for running the Bank. It is anticipated that the restructuring will be completed by the early Autumn, and the management changes will take place very shortly. Announcing the restructuring, Sir Evelyn de Rothschild said: "We have for several years now been strengthening the links between the English and French Rothschild families so that the Rothschild Group is better able to operate in a co-ordinated way and thus to compete effectively in international markets. We have already had considerable success in following this path but have concluded that we now need to take the process a major step further." Commenting on the announcement, David de Rothschild said: "We firmly believe that these measures to consolidate the various Rothschild shareholder and business interests will create a stronger, more unified Group and serve us well in maintaining our standing as a leading independent international banking house. "The sustained growth of the Group over the past 21 years under Evelyn's Chairmanship has been a remarkable success story. I am honoured to succeed him as Chairman of Rothschilds Continuation Holdings and even though these are clearly challenging times for investments banks, we look to future with confidence." Short Name: Rothschilds Contin Category Code: CAR Sequence Number: XXXXXXXX Time of Receipt (offset from UTC): 20030709T112055+0100
|
