Planned takeover: Fund takes action against Deutsche Wohnen

Released on 23.09. 2021

  • Vonovia is trying to take over Deutsche Wohnen for the third time. Photo: Christoph Soeder

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The planned takeover of Deutsche Wohnen by Vonovia is complicated. Now a British fund has applied for an injunction. 2021

Berlin (dpa) – In the struggle to take over Deutsche Wohnen, a British fund is trying to put obstacles in the way of the largest German real estate group Vonovia.

The Davidson fund Kempner has applied for an injunction at the Berlin Regional Court. This should prohibit Deutsche Wohnen from issuing new shares and selling its own shares to Vonovia, as Davidson Kempner announced. Davidson Kempner claims that he owns 3.2 percent of the share capital of Deutsche Wohnen and is also involved in Vonovia.

The fund accuses the two housing groups of having circumvented the rights of the shareholders . The board of directors of Deutsche Wohnen has taken a number of legally questionable measures, “the sole purpose of which is to help Vonovia gain control over Deutsche Wohnen,” the statement said. This significantly affects the shareholders’ right to decide on the success of Vonovia’s takeover offer.

Deutsche Wohnen rejects allegations

Deutsche Wohnen rejected the allegations as “completely insubstantial”. Since by last Friday 48, 5 percent of the shareholders of Deutsche Wohnen had offered their shares in Vonovia, those of Davidson Kempner would have been offered The attacked measures “in all probability will never be relevant anyway,” said the Berlin housing company. A spokeswoman for the Berlin regional court confirmed receipt of the application. The responsible chamber is expected to decide on how to proceed next week. Vonovia did not want to comment.

Vonovia tried in the third attempt to take over number two among landlords. The Bochum company failed twice because they were not offered enough shares in Deutsche Wohnen. In order to be successful this time, Vonovia boss Rolf Buch had dropped conditions in the takeover offer, including the minimum acceptance threshold of 50 percent of the Shares. The issue of new shares in Deutsche Wohnen is one way Vonovia could secure a majority in Deutsche Wohnen.

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