Germany's No 2 housing landlord bids 980m euros for Austrian rival

Berlin

DEUTSCHE Wohnen AG, Germany's second-largest residential landlord, plans to make a bid for Conwert Immobilien Invest SE that values the Austrian competitor at about 980 million euros (S$1.5 billion).

Deutsche Wohnen will offer 11.50 euros a share in cash, the Berlin-based company said in a statement. That's 4.8 per cent more than Conwert's closing price of 10.97 euros on Friday. Vienna-based Conwert's biggest investor will tender most of its shares, Deutsche Wohnen said.