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US News: German Living Takeover: Vonovia decides to increase capital increase in multiple billions - Vonovia shares Red

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The real estate company Vonovia translates the planned capital increase to financing the acquisition of German living.

Peter Bischoff/Getty Images © Provided by Peter Bischoff / Getty Images

As the DAX Group announced, the Management Board with the approval of the Supervisory Board has decided to carry out a fully subscribed capital increase with subscription rights for the existing shareholders of Vonovia. The volume will be around 8 billion euros.

Vonovia wants to spend a good 201 million new shares, with 20 existing shares of the company entitle to the purchase of seven new shares. The subscription price should be at 40.00 Euro per share. The Vonovia share went from the market on Friday with 55.72 euros. The proceeds are intended for the partial repayment of liabilities from the consortium credit agreement for the acquisition of the German living SE .

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The subscription period should begin on November 24th and end on December 7th. Immediately after expiry of the subscription period, the non-subscribed shares are sold on the market or placed at a price within the framework of a private placement, which corresponds to at least the subscription price.

"With this capital increase, we conclude the process of the merger with German living," said Financial Chef's Helene of Roeder loud notification. "In the case of announcing the German Living Transaction in May, we had announced a subscription rights capital increase of up to 8 billion euros depending on the final acceptance rate," she said. "After the acquisition of 87.6 percent of the voting rights to the German living, this subscription right issue, which is the best form of capital increase for our investors, now follows, as they offer shareholders the opportunity to relate new shares at an attractive price."

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The banks that act as joint bookrunners have committed themselves to acquiring all new shares at the subscription price. In addition, APG Asset Management managed funds and the Norwegian central bank Norges Bank are irrevocably obliged to fully exercise the subscription rights from the capital increase to them. APG is involved with 4.0 percent of Vonovia, Norges Bank with 11.1 percent.

Vonovia capital increase is not surprised - burdened but

The Vonovia shares gained on Monday after the announcement of a billion-heavy capital increase. At the beginning they made it with 56.16 euros while still a high since the end of September. But then it went downhill - at lunchtime, the titles counted with a minus of over two percent to 54.48 euros to the biggest losers in the little moving DAX. Since the beginning of the year, there is a loss of almost nine percent to beech - the German key index has increased by almost 18 percent during this period.

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that Vonovia concerns about eight billion euros for the takeover of German living, burden the stock price, wrote a dealer. However, the transaction has been expected for a long time, and its scope corresponds to expectations. Since the industry prime was stated around 88 percent of the shares of the competitor, a transaction in this considerable magnitude was no surprise, also analyst Kai Klose also explained by the private bank Berenberg.

From next Wednesday, the trade of subscription rights runs until 7 December. Alight shareholders can draw 20 altaktia seven new for the price of 40 euros each. This includes a discount of 22.5 percent on the theoretical value of the share minus the price of subscription rights, so Klose continues. Before that, Vonovia has calculated in a model calculation with a similarly high tee of 20 percent, analyst JULIAN Livingston-Booth supplemented from the Canadian bank RBC.

Klose evaluates the acquisition because of the high profitability of German living in the industry comparison continues to be positive for Vonovia. In addition, the political risks for the industry are sewing. In the previous year, the German real estate titles had developed disappointing, and the final details in the coalition agreement of the designated new government from SPD, Greens and FDP are not yet known. But the traffic light coalition would also focus on the construction of the construction of as many new apartments as possible in order to counter the shortage of affordable living space. Therefore, the expert expects only moderate changes to legislation for the industry.

Frankfurt (Dow Jones) / Frankfurt (DPA-AFX Broker)

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