Listed residential landlord Vonovia has gained approval for its takeover of rival Deutsche Wohnen from Germany's Federal Cartel Office, clearing the way for a merger that will create Europe's largest housing group with more than 500,000 apartments.
In a statement issued on Monday, Vonovia said the clearance from the antitrust authorities meant that 'an essential closing condition of the takeover offer has been fulfilled'.
The new combine would have a Germany-wide market share of under 2%, while at city and municipal level, the combined market shares of the two companies would not cross a critical threshold either, the Bochum-based group said.
Vonovia formally launched its voluntary public takeover offer to the shareholders of Deutsche Wohnen last week, who now have until 21 July to accept the bid.
Provided that the remaining closing conditions are met, the takeover offer is expected to be completed at the end of August 2021.
The new combine will take the name of Vonovia and have a market capitalisation of around €45 bn. Its housing portfolio - spread across Germany, Sweden and Austria - will have a total property value of almost €90 bn.
