Germany's largest housing group Vonovia has to worry about the billion-dollar takeover of rival Deutsche Wohnen for even longer. At the end of the acceptance period on Thursday night, the Bochum-based group was not yet able to report completion because not enough Deutsche Wohnen shareholders have offered it their papers. "Its getting close. The 50 percent has not yet been reached, ”said a person familiar with the process to the Reuters news agency. However, it can take three or four working days for the last stocks to arrive - for example from more distant regions. A final result may not be known until Monday, said a second insider.
Vonovia had secured almost 34 percent of Deutsche Wohnen by Tuesday evening.
Most institutional investors do not submit their papers until the last minute.
Vonovia must achieve at least 50 percent for the takeover to take place.
The problem: Index funds (ETFs) are only allowed to sell their shares when it is certain that the merger is perfect.
Five years ago, the industry giant had already failed with the plan to swallow Deutsche Wohnen.
Unlike then, the leadership of the second in the industry is behind the project this time.
Opposition from activist investors or speculators was not heard.
The Deutsche Wohnen share was on Thursday at EUR 51.50 below the offer value of EUR 52.
Vonovia's paper was quoted at noon, barely changed from Wednesday, at around EUR 58.50.