Germany's Hypo Real Estate Group has said that the approval of Depfa Bank's shareholders for a EUR 5 bn takeover is an important step in the creation of a large-scale provider of financing for commercial real estate and the public sector.
Germany's Hypo Real Estate Group has said that the approval of Depfa Bank's shareholders for a EUR 5 bn takeover is an important step in the creation of a large-scale provider of financing for commercial real estate and the public sector.
Hypo said that a significant hurdle was overcome when a majority of the Depfa shareholders present at a meeting, convened by the Irish High Court, approved the share-deal merger. In total, 98.19% of the represented share capital of the company backed the proposal. Then, the extraordinary general meeting needed to empower the management to implement the scheme gave 93.82% backing. The next step will be a court hearing to sanction the arrangement. This will likely take place on 2 October. Depfa is based in Dublin but listed in Germany. It is a major provider of financial services to the public sector.
