Vonovia: Takeover of Deutsche Wohnen has failed
The merger of Vonovia and Deutsche Wohnen to form Europe's largest residential real estate group is not going ahead. The takeover bid worth billions was not successful.
As Vonovia announced on July 23, it failed to reach the minimum threshold of 50% of Deutsche Wohnen shares by the end of the acceptance period on July 21. Only 47.62% of shareholders had accepted the offer, it said. Vonovia had offered €53.03 per Deutsche Wohnen share, representing a premium of almost 18% to the closing share price on May 21, 2021, and 25% based on the weighted average share price over the past three months. The offer valued the real estate company at €18bn.
A merger would have created Europe's largest residential real estate group - with a market capitalization of €45 billion and a portfolio of more than 550,000 apartments with a combined property value of almost €90 billion. This is now the third time Vonovia has failed to take over Deutsche Wohnen. The last time a takeover failed was five years ago due to resistance from Deutsche Wohnen. Now, however, the Management Board and Supervisory Board of the real estate company supported the offer. (ah)
