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BUWOG to examine Vonovia's €5.2B voluntary public takeover offer

The management board and supervisory board of BUWOG AG is poised to examine the approximately €5.2 billion voluntary public takeover offer presented by Vonovia SE for the former's outstanding shares and convertible bonds.

Based on available information, the management and supervisory boards have a "positive stance" toward the offer and aim to publish a detailed and reasoned opinion Feb. 13, according to a release from BUWOG.

The 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's approval, among other customary closing conditions. The settlement for the first offer period of the transaction is expected to take place, following fulfillment of offer conditions, by the end of March.