Austrian-listed property group Immofinanz is to merge with its CEE subsidiary, Immoeast, as the final element of the restructuring of the group.
Austrian-listed property group Immofinanz is to merge with its CEE subsidiary, Immoeast, as the final element of the restructuring of the group.
The supervisory and management boards of both companies announced on Thursday that they backed the proposal that will result in Immoeast being folded into Immofinanz.
All of Immoeast's assets and liabilities will be transferred via universal legal succession to Immofinanz and Immoeast will cease to exist.
Immofinanz will increase its share capital by up to EUR 589 mln against contribution in kind and will issue up to 567.4 million new shares to the minority shareholders of Immoeast. As a result, the Immoeast minority shareholders will acquire the majority of Immofinanz.
The final major restructuring measure will lead to a 'win-win' situation for the shareholders of both companies, Immofinanz said.
The merger has to be approved by the shareholders' meetings of both companies with a majority of 75% of the votes cast and will become effective upon registration with the commercial register. Extraordinary shareholders' meetings of the companies will take place on 20 January 2010 (Immofinanz) and 21 January 2010 (Immoeast).
