ORIX seals Robeco deal
02 July 2013
News, Asia, Global, Japan, Europe, Netherlands
By Asia Asset Management
ORIX Corporation (ORIX), Coöperatieve Centrale Raiffeisen-Boerenleenbank BA, (Rabobank) and Robeco Groep NV (Robeco) have announced, further to the press release dated February 19, 2013 and earlier than expected, that the acquisition of Robeco by ORIX has been completed. ORIX has acquired approximately 90.01%* of the equity in Robeco from Rabobank. The total sale price as a result of adjustment to reflect Robeco's most recent financial position was €1.94 billion (US$2.53 billion).
As a well-managed and relatively autonomous group of businesses with a good performance and track record, Robeco is a strategically important vehicle for ORIX to pursue its growth ambitions in global asset management. One of ORIX's and Robeco's priorities will be to further develop the growth opportunities which exist in pension and asset management markets in Asia and the Middle East, where ORIX has an established network. As well as working together to further improve Robeco's corporate value, ORIX and Rabobank also will consider joint expansion in new business fields as strategic partners.
ORIX is committed to support Robeco's strategy, its services to clients, its investment processes and teams, based on Robeco's long-term commitment to deliver value to clients. Robeco's management board will remain in their current roles with Roderick Munsters continuing as CEO. Robeco will report to ORIX headquarters in Tokyo. Robeco Groep NV's legal structure will remain unchanged, as will the current governance and reporting lines from Robeco's subsidiaries. Robeco's banking activities, which are only based in the Netherlands, have been transferred to Rabobank effective June 21, 2013, with Robeco retaining its client service relations.
ORIX will retain Robeco's supervisory board structure, including both independent members as well as representatives of ORIX and Rabobank. Yoshihiko Miyauchi, CEO of ORIX Group and Makoto Inoue, COO of ORIX Group have been appointed as members of the supervisory board, subject to approval of the regulators. Together with the other supervisory board members they will work to further strengthen the governance.
Gilles Izeboud and Piet van Schijndel have resigned as members of the supervisory board. Philip Lambert, whose term as independent member of the supervisory board ended at the end of June, has declared he is not available for re-appointment.
*ORIX has not yet paid €150 million EUR out of the total acquisition amount of the Share Acquisition, which is to be paid by disposal of the treasury share as stated in the press release dated February19, 2013.
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