Vonovia makes improved takeover offer for rival Deutsche Wohnen

Aug 24, 2021

Berlin (Germany), August 24: Following a failed takeover attempt last month, German housing giant Vonovia made an improved public offer to shareholders of its rival Deutsche Wohnen on Monday.
Resulting in a valuation of around 19 billion euros (22.2 billion U.S. dollars), Vonovia increased its offer per share from 52 euros to 53 euros after only securing 47.62 percent of nominal capital and voting rights of Deutsche Wohnen at the beginning of August.
"Both companies view a combination of the two companies as strategically and socially compelling," Vonovia said in a statement, adding that there would be no third offer and the price would not be raised any further. A first takeover attempt had already failed in 2015.
"It is also important for small shareholders to know that Vonovia, as the majority shareholder of Deutsche Wohnen, will work to ensure that Deutsche Wohnen no longer pays dividends," Vonovia CEO Rolf Buch told Reuters on Monday.
The merger, already approved by financial regulator BaFin in early August, would result in a real estate company with a combined property value of nearly 90 billion euros and more than 500,000 apartments in Germany. (1 euro = 1.17 U.S. dollars).
Source: Xinuha

More news

Nine more bodies found off southern Italy after migrant boat wreck

Rome [Italy], June 21: Nine more bodies have been found off the coast of Italy after a migrant boat carrying several dozen people capsized in the Mediterranean. The Italian coastguard pulled them out of the water about 100 kilometres from the mainland, authorities said on Thursday. This brings the number of confirmed fatalities to 17. It is feared that more than 40 bodies are still in the sea. The ship had set off from Turkey but capsized off the coast of the southern Italian region of Calabria on Monday night. Only 11 people were rescued. The survivors were picked up by a merchant ship when the boat was already half sunk. They were brought to the harbour of the Calabrian town of Roccella Ionica. The Interior Ministry in Rome has counted more than 23,000 people who reached Italy on boats this year. In the same period last year, the figure was almost 56,000. (dpa)

Jun 21, 2024