Vonoviaβs plans to take over Deutsche Wohnen have hit the buffers after the latterβs shareholders failed to meet a minimum 50% acceptance threshold.
The merger would create a company with a portfolio of approximately 500,000 residential units and a β¬20bn market capitalisation.
Germanyβs merger control authority, the Bundeskartellamt, cleared Vonoviaβs takeover plans.
Rolf Buch, chief executive at Vonovia (formerly Deutsche Annington), said: βWe extended an attractive offer to Deutsche Wohnenβs shareholders and received a lot of support from the market over the past few weeks.
βToday, we concede the number of tendered shares are not sufficient to conclude the transaction successfully.β
The deal, he said, βwould have been a value-creating opportunity, further consolidating the marketβ.
Buch added: βWe will continue on our established course, expanding our successful business model with a nationwide platform.β
In another move, Berlin-based Deutsche Wohnen, listed on Deutsche BΓΆrseβs MDAX, dropped its bid to take over LEG in .
The deal would have created a β¬17bn real estate portfolio.
³Υ΄Η²Τ΄Η±ΉΎ±²Ήβs&²Τ²ϊ²υ±θ;takeover of Gagfah created a β¬21bn portfolio of around 350,000 residential units.
