Deutsche Wohnen soars on talks with Vonovia for takeover offer

Deutsche Wohnen SE

19/09/2024 10:32

Sept 19 (Reuters) - Shares in German property firm
Deutsche Wohnen  DWNG.DE  jumped as much as 25% on Thursday as
it started talks about a full takeover offer from its parent
company Vonovia  VNAn.DE .
    Vonovia and Deutsche Wohnen have agreed to start talks, they
said late on Wednesday.
    The agreement is to include an offer by Vonovia to Deutsche
Wohnen's minority shareholders to acquire their shares in
exchange for newly issued shares of Vonovia. It also provides
for an annual compensation payment for the duration of the
agreement.
    Deutsche Wohnen shares were up 20% by 0854 GMT, trading at
their highest price in more than two years. Vonovia's shares
slipped 0.9%.
    Vonovia owns around 87% of Deutsche Wohnen, LSEG data
showed.
    

 (Reporting by Tristan Veyet in Gdansk; editing by Jason Neely)
 ((Tristan.Chabba@thomsonreuters.com;))