The German government has launched its bid to nationalise struggling property financer Hypo Real Estate by tabling an offer of EUR 1.39 per share. The offer is about a 10% premium on the statutory minimum offer price of EUR 1.26.
The German government has launched its bid to nationalise struggling property financer Hypo Real Estate by tabling an offer of EUR 1.39 per share. The offer is about a 10% premium on the statutory minimum offer price of EUR 1.26.
The acceptance period started on 17 April and runs until 4 May. The operation is being carried out by the German bank stablisation fund, Soffin, on behalf of the Federal Government. There is no minimum acceptance level but Soffin said in a statement on the offer that it aims to acquire 100% of the shares.
Soffin chairman Prof. Dr. Hannes Rehm commented: 'That is the only way we will be able to implement the necessary measures to stabilise the HRE Group and consequently the financial markets legally, sustainably, cost-efficiently and promptly.'
