By Harald Freiberger
The culprits were quickly found when the takeover of the real estate group Deutsche Wohnen did not work four weeks ago. Competitor Vonovia had made an offer to its shareholders, but only just under 48% accepted; 50 percent would have been necessary. Vonovia also attributed this to the fact that 20% of Deutsche Wohnen shares are already in ETF hands. These are also called passive funds because they follow an index like the one-to-one Dax. You don’t buy or sell stocks until the index has changed. As a result, they could not accept Vonovia’s takeover offer in terms of design.