Deutsche Wohnen soars on the initiation of agreement with Vonovia

Deutsche Wohnen SE

19/09/2024 07:17

** Shares of Deutsche Wohnen  DWNG.DE  jump 19.9% in
pre-market trade after the initiation of domination and
profit/loss transfer agreement with Vonovia  VNAn.DE 
    ** The agreement would include a share offer by Vonovia to
the minority shareholders of Deutsche Wohnen to acquire their
shares in exchange for newly issued shares of Vonovia and
provide for an annual compensation payment for the duration of
the agreement
    ** In October 2021, Vonovia acquired the majority of
Deutsche Wohnen's shares, securing a total of 87.6% of voting
rights in its competitor
    ** The Bochum-based group now expects that extraordinary
general meetings of Vonovia and Deutsche Wohnen would decide on
the agreement in December 2024
    ** "The deal is long-awaited and might signal that sector
strongly believes in a bottom," a local trader says
    ** Deutsche Wohnen hits the top of the German small-caps
index  .SDAXI 

 (Reporting by Anastasiia Kozlova)
 ((Anastasiia.Kozlova@thomsonreuters.com))