Vonovia to Buy Austrian Developer Conwert for $1.9 BillionBy
Conwert shares jump on deal, while Vonovia stock drops
Deal to generate 7 million euros of annual cost savings
Vonovia SE agreed to buy Austrian developer Conwert Immobilien Invest SE for about 1.7 billion euros ($1.9 billion), a fresh attempt to grow with an acquisition after a bid for its largest German competitor failed.
Vonovia offered 74 of its shares for every 149 Conwert shares, valuing each Conwert share at 17.58 euros, the Bochum, Germany-based real estate company said in a statement on Monday. That’s about 9 percent more than Conwert’s closing price on Friday. The deal is worth about 2.9 billion euros including debt, Vonovia Chief Executive Officer Rolf Buch said on a call with reporters…
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