More shareholders back audit of Deutsche Wohnen loan to Vonovia

Deutsche Wohnen SE

01/06/2023 15:27

DUESSELDORF, Germany, June 1 (Reuters) - Proxy adviser
Glass Lewis backs a call by activist investor Elliott for a
special investigation into a loan that German property company
Deutsche Wohnen  DWNG.DE  made to its top shareholder Vonovia
 VNAn.DE .
    The recommendation, seen by Reuters, raises pressure on the
board and supervisory board of Deutsche Wohnen before its
shareholder meeting on June 15 after Institutional Shareholder
Services (ISS) also supported the call on Tuesday. 
    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 ($2.20
billion) to its new main shareholder.

 (Reporting by Matthias Inverardi
Writing by Madeline Chambers
Editing by Rachel More)
 ((Madeline.Chambers@thomsonreuters.com; +4930220133578;))