German residential giant Vonovia has successfully completed its voluntary public takeover of Deutsche Wohnen, securing around 87.6% of its peer's voting rights.
The bid was completed after the extension of the original acceptance period through to 21 October, with the outstanding Deutsche Wohnen shareholders given the opportunity to tender their shares at a price of €53 per share.
In September Vonovia waived all offer conditions in its voluntary public takeover bid for the shares of Deutsche Wohnen.
The step eliminated the need to reach a minimum acceptance threshold, which Vonovia said would ensure the success of the transaction, 'in the interest of both companies' stakeholders'.
In late September both companies concluded the sale of a portfolio of 14,740 residential units in Berlin to the municipal housing companies berlinovo, degewo and Howoge for a price of €2.45 bn.
Together, Vonovia and Deutsche Wohnen will manage a portfolio of approximately 568,000 apartments.
Rolf Buch, CEO of Vonovia said: 'We can now focus our combined efforts to address the major social and societal challenges in the housing market.
'We have demonstrated many times that managing a larger number of homes enables us to achieve significant benefits for all stakeholders.
'We will uphold our responsibility to work together with policy-makers on concrete solutions for affordable and climate-friendly housing.'
