FRANKFURT (Reuters) – German Real estate company GSW (GIBG.DE: Quote, Profile, Research, Stock Buzz) said on Monday it would recommend its shareholders accept Deutsche Wohnen’s (DWNG.DE: Quote, Profile, Research, Stock Buzz) takeover offer, taking the 1.7 billion euro bid ($2.3 billion) one step closer to a possible completion.
The proposed all-share deal would push Deutsche Wohnen closer to the top five European real estate firms by market value by growing its portfolio in Berlin’s booming rental market, where it is tapping increasing interest from international investors.
FRANKFURT (Reuters) – Deutsche Wohnen (DWNG.DE: Quote, Profile, Research) offered to buy rival residential landlord GSW Immobilien (GIBG.DE: Quote, Profile, Research) for 1.8 billion euros ($2.3 billion, £1.47 billion) to expand in Berlin’s booming rental market and tap nascent interest from international investors.
The all-share deal would push an enlarged Deutsche Wohnen closer to the top five European real estate firms by market value, such as British Land (BLND.L: Quote, Profile, Research) and domestic rival Land Securities (LAND.L: Quote, Profile, Research), giving it easier access to funding from investors across the continent.
FRANKFURT (Reuters) – Deutsche Wohnen (DWNG.DE: Quote, Profile, Research, Stock Buzz) offered to buy rival property group GSW Immobilien (GIBG.DE: Quote, Profile, Research, Stock Buzz) for 1.75 billion euros ($2.3 billion) to expand in Berlin’s booming real-estate market, as a tentative pick-up in Europe’s economy attracts international investors.
Deutsche Wohnen plans to fund the bid, which would be the second-biggest residential real estate deal in Germany in the past five years, by issuing 135 million new shares.
FRANKFURT, June 13 (Reuters) – Deutsche Annington, which is
planning a flotation worth over 1 billion euros ($1.33 billion),
aims to pay out a higher proportion of its earnings as a
dividend than its peers, according to a report from Morgan
The management of the German residential real estate company
plans to pay out 70 percent of its recurring earnings as a
dividend from the 2014 business year onwards, Morgan Stanley
analyst Bart Gysens said in the report, dated June 10.
FRANKFURT, May 28 (Reuters) – Bilfinger shares
rose on Tuesday after the German firm said it would sell a
division that operates public-private partnerships, part of its
shift from construction-based projects to more predictable
industrial services and maintenance work.
The group’s shares rose 4 percent to 81 euros, their highest
level in almost seven weeks and topping Germany’s midcap index
after the announcement late on Monday.
LONDON/FRANKFURT, May 21 (Reuters) – Britain’s dominant
cement makers could be forced to sell off plants to tackle a
lack of competition which regulators say has cost customers
hundreds of millions of pounds.
The Competition Commission (CC) said despite low demand in
recent years, producers have managed to raise prices and
ESSEN, Germany, May 7 (Reuters) – Germany’s Hochtief AG
has agreed the 1.1 billion euros ($1.4 billion) sale
of its airports division, ending a lengthy quest for a buyer and
giving fresh impetus to a strategy rethink led by its CEO
appointed just six months ago.
The Essen-based group, controlled by Spain’s ACS
and which appointed Marcelino Fernandez Verdes as chief
executive in November, said it was raising its earnings targets
on the back of its exit from less profitable, capital-intensive
FRANKFURT, April 17 (Reuters) – Deutsche Lufthansa
was threatened with a second round of strikes as labour union
Verdi, representing thousands of staff at the airline, rejected
as “unacceptable” an offer for wage increases from the company.
Lufthansa offered to raise salaries by 1.2 percent from
October this year and a further 0.5 percent a year later, in a
deal that would run for 29 months and would not contain job
guarantees, a spokeswoman for Verdi said on Wednesday.
FRANKFURT/LONDON, March 20 (Reuters) – German real estate
company IVG Immobilien is seeking to save the
investment fund that owns part of London’s landmark Gherkin
office block from potential liquidation, as financing banks
demand the 180 meter tower reduces its debt.
IVG, which reported an unexpected 100 million euro ($129
million) loss in 2012, burdened by its projects abroad, is
shifting a loan to finance the building from Swiss francs to
pounds in order to satisfy demands from the banks, a spokesman
said on Wednesday.
FRANKFURT, March 14 (Reuters) – Germany’s HeidelbergCement
forecast a big rise in pretax profit this year,
boosted by a deal to increase its stake in an Australian cement
venture that will help it to meet growing demand from Asia.
Shares in the company rose over 4 percent on Thursday, after
it said it had agreed to buy a 25 percent stake in Cement
Australia from Swiss rival Holcim for an undisclosed
price, giving the two firms equal 50-percent ownership.