April 13, 2015 / 7:25 AM / 4 years ago

Immofinanz sues CA Immo as bid battle heats up

VIENNA, April 13 (Reuters) - Austrian property group Immofinanz has sued rival CA Immo to try to prevent it from buying more shares or exercising voting rights in a bid battle, magazine Profil reported on Monday.

A spokesman for Vienna’s Commercial Court confirmed it was handling the lawsuit filed last week and would try to rule on it by Friday, when Immofinanz shareholders meet to address a counter bid by Immofinanz for a minority stake in CA Immo.

Immofinanz last week recommended its shareholders reject a 2.80 euro per share offer that CA Immo and its partner O1 Group made for a minority stake in the company.

The rivals are trying to build minority stakes in each other in a heated battle that could eventually lead to a merged group with a combined property portfolio of around 10 billion euros ($10.6 billion).

The head of O1’s property unit said last week that CA Immo and O1 Group did not intend to raise the offer, which expires on Wednesday.

$1 = 0.9436 euros Reporting by Michael Shields; Editing by Mark Potter

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