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MarketScreener Homepage  >  Equities  >  Xetra  >  Vonovia SE    VNA   DE000A1ML7J1

VONOVIA SE

(VNA)
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Vonovia Formally Launches Tender Offer for Deutsche Wohnen

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12/01/2015 | 01:25pm EDT

FRANKFURT?Residential real-estate giant Vonovia SE Tuesday formally launched its ?14 billion ($15 billion) tender offer for rival Deutsche Wohnen AG, a deal that would combine Germany's two largest landlords.

Vonovia is offering seven of its own shares and ?83.14 in cash for every 11 Deutsche Wohnen shares, valuing the target company at ?26.46 per share. Deutsche Wohnen closed at ?25.87 on Tuesday.

The offer begins Tuesday and closes Jan. 26, Vonovia said.

The move marks the largest hostile takeover approach in Germany since Vodafone PLC's purchase of Mannesmann AG for more than $180 billion in 2000. To succeed, Vonovia needs to get at least 56% of Deutsche Wohnen shares in the tender offer, taking two convertible bonds into account.

On Monday, Vonovia shareholders approved a capital increase necessary to go forward with the transaction.

"Our takeover of Deutsche Wohnen is a solid opportunity for us to continue to follow through on our strategy and to exploit the scalability of our platform, both in your interests and also in those of our customers," Vonovia's chief executive, Rolf Buch, told shareholders Monday, according to a published speech.

Vonovia owns and operates around 370,000 units in Germany, compared with Deutsche Wohnen's roughly 164,000 units.

While bankers expected Vonovia's shareholders would approve of the offer Monday, there remains some skepticism on whether the company can secure sufficient Deutsche Wohnen shares with its tender offer.

Deutsche Wohnen has repeatedly said Vonovia's combined cash and share bid undervalues its prospects, dilutes its portfolio quality and doesn't bring significant synergies.

Deutsche Wohnen Chief Executive Michael Zahn said in October that he saw the company's intrinsic value at ?26 per share, but added a combination with Vonovia would expose shareholders to a heightened risk profile. "So we ask clearly for a risk premium," he said without elaborating further.

Write to Eyk Henning at eyk.henning@wsj.com

Stocks mentioned in the article
ChangeLast1st jan.
DEUTSCHE WOHNEN SE 2.73% 34.25 Delayed Quote.-5.96%
E.ON SE 4.16% 9.547 Delayed Quote.0.24%
VODAFONE GROUP PLC -1.50% 114.34 Delayed Quote.-22.09%
VONOVIA SE 5.26% 45.01 Delayed Quote.-6.23%
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Financials (EUR)
Sales 2020 2 299 M
EBIT 2020 1 677 M
Net income 2020 2 331 M
Debt 2020 23 873 M
Yield 2020 3,72%
P/E ratio 2020 8,81x
P/E ratio 2021 11,1x
EV / Sales2020 21,0x
EV / Sales2021 20,6x
Capitalization 24 408 M
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Mean consensus BUY
Number of Analysts 21
Average target price 54,50  €
Last Close Price 45,01  €
Spread / Highest target 44,4%
Spread / Average Target 21,1%
Spread / Lowest Target -6,02%
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Managers
NameTitle
Rolf Buch Chairman-Management Board & CEO
Jürgen Fitschen Chairman-Supervisory Board
Helene von Roeder Chief Financial Officer
Klaus Rauscher Independent Member-Supervisory Board
Hildegard Müller Independent Member-Supervisory Board
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