German real estate company Vonovia said on Tuesday that it had secured a total of 87.6% of voting rights in Deutsche Wohnen, successfully completing its takeover bid of a one-time rival.
Together they create a housing behemoth with a portfolio of some 568,000 apartments.
Deutsche Wohnen shareholders who had not yet accepted Vonovia’s offer were able to tender their shares during an additional acceptance period ending on Oct. 21 for 53 euros ($61.68) in cash per share, Vonovia said.
The merger comes amid public anger over rising rents and housing shortage, especially in the capital Berlin where a provisional referendum by Berliners last month voted in favour of expropriating major landlords to help reduce rents.
Source: Reuters.com