Vonovia takeover offer for Buwog succeeds

FILE PHOTO - A logo of German real estate company Vonovia, is pictured during a news conference in Duesseldorf, Germany, March 6, 2018. REUTERS/Thilo Schmuelgen

FRANKFURT (Reuters) - German real estate company Vonovia VNAn.DE said its takeover offer for Austrian peer Buwog BWOA.VI was a success after Buwog shareholders tendered 73.7 percent of shares in the group.

The 5.2 billion euro ($6.41 billion) takeover offer, which ran through Monday, was conditional upon shareholders tendering at least 50 percent plus one share.

An additional acceptance period will run from March 16 to June 18, Vonovia said in a statement on Monday.

The deal, first announced in December, will increase the size of Vonovia’s portfolio to almost 400,000 flats from around 350,000 now and has already been cleared by the German and Austrian regulators, according to Vonovia.

($1 = 0.8110 euros)

Reporting by Maria Sheahan; Editing by Susan Fenton