Vonovia wants to buy Deutsche Wohnen without conditions – economy

The real estate group Vonovia does not want to fail again in its new conquest of its competitor Deutsche Wohnen. Vonovia boss Rolf Buch is therefore throwing overboard the previously targeted minimum acceptance threshold of 50% of Deutsche Wohnen shares, as Deutsche Wohnen announced on Monday. Vonovia can thus continue to collect shares and secure shots with Berliners in the future – even if the Bochum Group remains below the 50 percent of shares initially targeted in the current attempt. Because Buch has prepared for this case. “The transaction can no longer fail due to the conditions,” he told Reuters news agency. Vonovia has “waived the minimum acceptance threshold and all other closing conditions of its public tender offer to the shareholders of Deutsche Wohnen,” Deutsche Wohnen announced. The waiver extends the acceptance period by two weeks, which originally expired on September 20, 2021, and will now end on October 4, 2021, he said. Deutsche Wohnen shareholders therefore have more time to offer the shares. Moreover, the two groups agreed that Deutsche Wohnen would sell its own shares to Vonovia if the minimum acceptance threshold was abolished. Almost one percent of the shares thus go to the Bochum company. Vonovia should receive an additional 5.17% of a capital increase in cash, excluding subscription rights. The Bochum-based company also already owns nearly 30% of Deutsche Wohnen’s shares, and just under 4% were offered to them on Friday evening as part of the takeover offer. Buch has therefore already tightened his grip on Berliners and can be sure of a majority at general meetings of Deutsche Wohnen. Vonovia can also buy additional shares in the market. Buch is convinced he will get the majority: “We (..) continue to assume that we will get more than 50 percent.”

Related Articles

Back to top button