October 31, 2013 / 11:33 AM / 4 years ago

GSW stockholders approve Deutsche Wohnen all-share takeover

FRANKFURT, Oct 30 (Reuters) - Shareholders in German property group GSW have approved the all-stock takeover bid of rival Deutsche Wohnen, clearing the way for the creation of Germany’s second largest property group.

Deutsche Wohnen said on Wednesday that enough GSW investors voted in favour of receiving what was initially 1.8 billion euros worth ($2.48 billion) of Deutsche Wohnen shares at the time of its offer.

“The minimum acceptance ratio of 75 percent of the shares was exceeded and the respective condition for the offer was fulfilled,” Deutsche Wohnen said in a statement on Thursday. ($1 = 0.7262 euros) (Reporting by Christiaan Hetzner)

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