S Immo jumps as Immofinanz starts talks to take over co

S IMMO AG

21/11/2022 13:35

(Updates S Immo shares, adds analyst comment, Immofinanz
shares)
    ** Shares of S Immo AG  SIAG.VI  rise more than 9% after
Immofinanz  IMFI.VI  said it will start talks with CPI Property
Group  O5G.DE  to take over an absolute majority in the Austrian
real estate group
    ** The potential transaction would involve at least 17.3 mln
S Immo shares at a fair market price to be negotiated and
confirmed by an independent fairness opinion, Immofinanz says
    ** "Immofinanz is implementing what its main shareholder,
CPI Property Group, is asking for. In our opinion, this further
increases the existing uncertainties regarding strategy and
dividends," Erste Group says
    ** Both Immofinanz and S Immo are controlled by CPI Property
Group that owns 76.86% and 52.71% stakes in the respective
companies
    ** Immofinanz holds 26.49% of S Immo's shares
    ** S Immo tops the Austrian traded index  .ATX  after
initially falling before the announcement, while Immofinanz
drops 2.6% to the bottom of the index
 (Reporting by Tristan Chabba)
 ((Tristan.chabba@thomsonreuters.com))