FRANKFURT (Reuters) – Europe’s largest residential property group Vonovia SE said it agreed to take over its closest German rival Deutsche Wohnen for about 18 billion euros ($22 billion) to better shoulder future investments in heat insulation.
Under the agreed deal, Vonovia will pay 52 euros per share and Deutsche Wohnen shareholders will retain the rights to a 1.03 per share dividend, Vonovia said in a statement late on Monday.
This amounts to a premium of about 18% on the closing price on Friday, the last trading day, it added.
($1 = 0.8187 euros)
Reporting by Ludwig Burger; Editing by Dan Grebler
