German real estate firm Vonovia has submitted its plan for takeover of rival Deutsche Wohnen to Germany’s antitrust authorities, the cartel office announced on Wednesday, June 2.
Last month, Germany’s two biggest listed landlords announced their merger plan in an €18 billion (US$22 billion) deal. The deal is expected to face few antitrust concerns as Vonovia only has a 0.9% share of Germany’s residential market, according to credit rating agency Scope.
In May europe’s largest residential property group Vonovia SE said it agreed to take over its closest German rival Deutsche Wohnen for about €18 billion (US$22 billion) to better shoulder future investments in heat insulation.
Under the agreed deal, Vonovia will pay €52 per share and Deutsche Wohnen shareholders will retain the rights to a 1.03 per share dividend, Vonovia said in a statement late on Monday.
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