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Vonovia launches €5.2B voluntary public takeover offer for BUWOG

Vonovia SE commenced its approximately €5.2 billion voluntary public takeover offer for all outstanding shares and convertible bonds of BUWOG AG at the start of trading at the Vienna Stock Exchange on Feb. 5.

Under the offer, Vonovia proposed to pay cash worth 29.05 for each BUWOG share and €115,753.65 for each convertible bond with a nominal value of €100,000 during the initial acceptance period.

The period during which BUWOG shareholders can tender their shares or convertible bonds will end March 12 at 5 p.m., Vienna time, after which the company will purchase the bonds at a reduced offer price of €93,049.33 for each convertible bond for an additional three months.

The deal will be funded entirely through debt, which includes proceeds from a recently issued bond, according to a release from Vonovia. Vonovia aims to integrate its residential portfolio of about 350,000 apartments with BUWOG's roughly 49,000 apartments.

Merger of the two companies will be completed after a statutory minimum acceptance threshold of 50% plus 1 share of all BUWOG shares is obtained, as well as Austrian Federal Competition Authority approval, among other customary closing conditions. The German Federal Cartel Office already gave a green light to the planned takeover, the release noted.

Unicredit Bank Austria AG in Vienna is tapped to serve as the takeover offer's settlement agent.