BNP Paribas has successfully passed the 95% threshhold required under German law to squeeze out minority shareholders in its acquisition of Consors, the loss-making German online broker.

The €485m ($470m) bid, launched in April this year, included paying the troubled Schmidtbank €287m for its 66% stake in the broker. BNP offered just over a €3 premium per share on its public offer of €12.40 per share for the listed remainder of the shares.