The two Astrian real estate company Immofinanz and CA Immo take a new fusion-up. In a first step, Immofinanz has acquired 26 percent of CA Immo of the Russian investor Boris Mints for € 604 million, as Immofinanz announced on Monday.
Now talks about a merger to be included as Immofinanz and CA Immo mitt rushed in a joint statement. Previously Immofinanz wants but still repel her trouble-prone Russia portfolio.
The plans for a merger are not new. At the beginning of 2015 raged a takeover battle between the two companies who were trying to secure a stake in each other a good starting position for the fusion Poker. The two former CEOs were located in principle agreed that a merger would make sense. was debatable but who in the end who swallows and thus gains the upper hand. Now should - be brought a friendly merger on the way - under new leadership. A takeover bid for CA Immo is not planned to, said a spokeswoman Immofinanz.
Immofinanz CEO Oliver Schumy will forge from the two companies, "a leading real estate company in Central and Eastern Europe". The merger is a logical step, since they promise significant synergies, he said. After cleavage of the Russia portfolio with a book value of 1.2 billion euros, the merged entity would on a real estate portfolio worth six billion euros. Also CA Immo boss Frank Nickel spoke of the strategic logic of such a merger. The synergies identified by the Immofinanz would not confirm a spokeswoman for the CA Immo however. "We are only at the very beginning, it is still too early to assess," she said.
A merger of the companies could go no earlier than next year across the stage. The negotiations should indeed be completed by the summer. The general meetings, where it will be voted are, but planned for 2017th The shareholders must agree with 75 percent.
Before Deal Immofinanz will repel a portfolio of shopping centers in Russia. The Russian property had recently be devalued by 400 million euros, Immofinanz einbrockte a loss of 146 million euros in the first three quarters 2015/16.
For the package of shares of Russian Investors Mints Immofinanz had paid 23.50 euros per CA Immo share, which is a premium of 35 percent to the closing price on Friday. The CA Immo share price rose on Monday by over three percent to 18.0 euros. Immofinanz papers totaled EUR 2.00 only slightly above Friday Course.