Germany’s largest apartment rental company secured a comfortable majority in its rival in the second attempt. At the end of the acceptance period, which expired on Monday, 60.3 percent of the Deutsche Wohnen shares came to be, as the company announced in Bochum. Nothing stands in the way of the merger of the two DAX companies. The Bundeskartellamt had already stated in June that it had no concerns. Vonovia and together own more than 500,000 apartments valued at more than 80 billion euros, most of them in.
In July Vonovia failed because of the resistance of the Deutsche Wohnen shareholders, who only offered the bidder 47.6 percent of the shares – too little because Vonovia had made a majority of 50 percent a condition. At the new attempt, the Bochum-based company increased the offer to 53 euros per share – a total of a good 19 billion euros.
By renouncing all conditions, Vonovia removed the ground for all speculations by investors that the takeover would fail. The London-based hedge fund Davidson Kempner, which claims to hold 3.2 percent of Deutsche Wohnen, protested against Vonovia’s actions. His attempt to stop a possible capital increase by Deutsche Wohnen in favor of Vonovia with an injunction has now come to nothing. Because Vonovia has also achieved its goal. Deutsche Wohnen boss Michael Zahn and his CFO Philip Grosse move into the Vonovia board of directors: Zahn as deputy to CEO Rolf Buch, Grosse as CFO.
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The other Deutsche Wohnen shareholders will now have another opportunity from Friday to October 21 to sell their papers to Vonovia for EUR 53 each. The Bochum-based company has ruled out a profit transfer and domination agreement that would result in a further – possibly higher – offer for the next three years
Vonovia canceled the minimum acceptance threshold in its takeover offer for Deutsche Wohnen, making the merger a fixed one.