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Vonovia: Takeover of Deutsche Wohnen likely to have failed

2021-07-23T15:19:07.423Z

The mega merger on the German real estate market is about to end: Vonovia did not get enough shares in rival Deutsche Wohnen shortly before the deadline.



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Vonovia headquarters in Bochum

Photo: INA FASSBENDER / AFP

Germany's largest housing group Vonovia has probably failed again with its plan to take over rival Deutsche Wohnen.

It is becoming apparent that Vonovia has not been able to collect the targeted 50 percent of the Deutsche Wohnen shares, the Bochum-based group admitted.

This is the second time Vonovia has tried unsuccessfully to merge with Deutsche Wohnen.

Unlike back then, the leadership of the second in the industry was expressly behind the plan this time.

Vonovia announced that only 47.62 percent of Deutsche Wohnen shareholders had accepted the offer so far.

There is still a period until 6 p.m. on Friday in which the last shares tendered can be booked.

The Bochum group left it open as to how things will proceed: "Vonovia continues to believe that a merger with Deutsche Wohnen makes strategic sense and creates added value for the shareholders of both companies," the message said.

Vonovia will "carefully examine the options available to it, such as the sale of the shares currently already held by Vonovia in Deutsche Wohnen, the acquisition of further shares or a new public offer."

Vonovia had offered the shareholders of the Berlin competitor 52 euros per share.

The Bundeskartellamt had approved the plans.

Together, the two real estate groups would have come up with more than 550,000 apartments worth more than 80 billion euros.

fdi / Reuters

Source: spiegel

All business articles on 2021-07-23

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