Austria's Immofinanz cancels bid for S Immo (updated)

S IMMO AG

28/06/2021 07:04

(Adds CFO quote, context)
    June 28 (Reuters) - Immofinanz  IMFI.VI  canceled its
takeover bid for S Immo  SIAG.VI  on Monday after the rival
Vienna-based real estate group's shareholders rejected a key
condition to the deal.
    The bidder said it would not change its 1.14 billion euro
($1.36 billion) offer as S Immo shareholders rejected the
elimination of maximum voting rights, which was necessary for
the transaction to happen, at an annual general meeting on
Thursday.  urn:newsml:reuters.com:*:nL5N2O62OF
    "Unfortunately, the S Immo shareholders decided against this
proposal and our offer is, therefore, no longer valid,"
Immofinanz's finance chief Stefan Schoenauer said.
    The maximum voting rights rule, introduced in 2006,
stipulates that no shareholder can hold more than 15% of voting
rights even if they own a higher percentage of shares.
    Immofinanz currently holds a 26.5% stake in S Immo. 


($1 = 0.8385 euros)

 (Reporting by Zuzanna Szymanska in Gdansk, editing by Kirsti
Knolle)
 ((zuzanna.szymanska@thomsonreuters.com; + 48 58 769 65 61;))