A combination of Immofinanz and S Immo is still on the table, even after S Immo withdrew from a takeover battle and agreed to sell its 12.7% stake to rival bidder CPI Property Group on Monday.

Immofinanz holds 26.5% in S Immo, and CPI has said it wants either the stake to be sold or the two to merge. The latter would require a fair offer and synergy effects, Ettenauer said.

(Reporting by Alexandra Schwarz-Goerlich, writing by Kirsti Knolle)