Rhoen-Klinikum Falls on B. Braun Stake: Frankfurt Mover

Rhoen-Klinikum AG fell in Frankfurt trading as B. Braun Holding GmbH took a stake of at least 5 percent in the German hospital operator and a renewed takeover bid from Fresenius SE failed to materialize.

B. Braun, a closely held maker of medical supplies, notified Rhoen-Klinikum of the stake today, Rhoen-Klinikum said in a statement. Braun, based in Melsungen, Germany, crossed the thresholds of 3 percent and 5 percent, according to the statement.

B. Braun purchased the stake “because they trust the positive development of the private hospital market in Germany,” according to a statement from law firm Clifford Chance, which is representing the medical company in the matter. The firm declined to comment further.

The stake may make it more difficult for Fresenius to revive its offer for Bad Neustadt an der Saale-based Rhoen-Klinikum. Fresenius has said it will announce by the end of August whether it will pursue the acquisition, scuttled after hospital operator Asklepios Kliniken GmbH blocked the 3.1 billion-euro ($3.9 billion) deal by buying shares of the target in June.

Rhoen-Klinikum fell 0.7 percent to 20.14 euros at the close of trading.

Blocked Bid

Asklepios’s stake blocked Bad Homburg, Germany-based Fresenius from getting the 90 percent of Rhoen-Klinikum’s shares it needed in its initial tender offer. Fresenius now is leaning toward a new offer under which it would need 50 percent plus one share to complete the deal, said two people with knowledge of the company’s deliberations who declined to be identified because the matter is confidential.

Matthias Link, a spokesman for Fresenius, declined to comment on Braun’s stake in an e-mail. Rhoen-Klinikum said in an e-mailed statement it doesn’t comment on changes in its shareholders’ structure.

Manager Magazin reported last week that Fresenius was considering a bid for 50 percent plus one share.

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