Immofinanz issues takeover offer for S Immo

Immofinanz headquarters in Vienna

There was already an attempt to merge the two real estate groups in 2019.


(Photo: Reuters)

Wien The Viennese real estate group Immofinanz is defeated in the takeover battle for rival S Immo. The takeover offer will not be changed and will therefore no longer apply, as Immofinanz announced on Monday. The company wants to continue its growth course in line with its strategy and sees itself as ideally positioned for this with moderate debt and around one billion euros in liquid funds.

At the extraordinary shareholders’ meeting of S Immo on Thursday, the elimination of the regulation was rejected by the shareholders. R.and 61 percent of the represented shareholder capital voted for the abolition of the maximum voting right. However, 75 percent would have been necessary for a resolution. D.amit cannot implement the takeover offer in its current form. Immofinanz made the elimination of the maximum voting right a condition for its takeover offer.

Three large shareholders, Aggregate Holdings, EVAX Holding des Peter Korbacka and Erste Asset Management with a total of around 28 percent voting weight in the general meeting, would have voted against.

A possible merger of the real estate groups has been discussed again and again for years, but always failed because of its implementation. Different opinions clashed, especially when it came to the evaluation. In 2019, the talks were broken off after the two companies could not agree on an exchange ratio.

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S Immo also criticizes the offer price for the current takeover offer as being too low. CEO Bruno Ettenauer recommended the S-Immo shareholders to vote against the vote on the maximum voting rights and not to accept the offer. Immofinanz, on the other hand, emphasized that the offer price includes a premium of over 40 percent on the six-month average price prior to the publication of the intention to offer.

More: Real estate in Frankfurt: higher, more expensive – already at the summit?

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