Elliott seeks investigation into Deutsche Wohnen loan to Vonovia (updated)

Deutsche Wohnen SE

22/05/2023 17:24

(Updates with details)
       DUESSELDORF, May 22 (Reuters) - Activist investor
Elliott is calling for a special investigation into a loan that
German property company Deutsche Wohnen  DWNG.DE   made to its
top shareholder Vonovia  VNAn.DE , documents filed ahead of a
Deutsche Wohnen annual shareholder meeting (AGM) show.
    In 2021, Vonovia completed the takeover of rival Deutsche
Wohnen to create a property group with more than 500,000
apartments.
    In January 2022, Deutsche Wohnen disclosed in a public
filing that it would lend up to 2 billion euros to its new main
shareholder.
    Cornwall, an investment vehicle owned by Elliott, wants
shareholders to vote to install an independent investigator to
examine the loan at the shareholder meeting slated for June 15
to examine whether the loan was in the best interest of
investors, the AGM documents show.
    Deutsche Wohnen's supervisory board said that it did not see
any need for an investigation.

 (Reporting by Matthias Inverardi; writing by Tom Sims. Editing
by Jane Merriman)
 ((Tom.Sims@thomsonreuters.com; +49 30 220 133 645;))