S Immo's investors refuse key condition for Immofinanz's bid (updated)

S IMMO AG

24/06/2021 11:58

(Adds context, detail)
    June 24 (Reuters) - Vienna-based real estate group S Immo
 SIAG.VI  said on Thursday its shareholders did not approve a
key condition for rival Immofinanz's  IMFI.VI  1.14 billion euro
($1.39 billion) takeover offer.
    S Immo said shareholders at its annual general meeting, with
a turnout of almost 55%, rejected the elimination of maximum
voting rights which was a condition of Immofinanz's bid.
    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.
    Discussions over a tie-up between the two companies have
been ongoing for years. 
    In 2019, they abandoned talks after failing to agree on a
share exchange ratio, and in May this year, S Immo said
Immofinanz's bid was too low.  urn:newsml:reuters.com:*:nL8N2M823J  urn:newsml:reuters.com:*:nL2N2N61GD
    However, analysts have long said consolidation among
Austria's three remaining listed property groups, which also
include CA Immo  CAIV.VI , would make sense as it would increase
their collective sales power and financial strength.

 (Reporting by Zuzanna Szymanska in Gdansk; editing by Caroline
Copley and Jason Neely)
 ((zuzanna.szymanska@thomsonreuters.com; + 48 58 769 65 61;))