Berlin

VONOVIA SE, Germany's biggest residential landlord, offered to buy Deutsche Wohnen AG if that company's planned purchase of LEG Immobilien AG fails. The deal would be the largest in a rental property industry that's going through a wave of acquisitions.

Vonovia offered 83.14 euros and seven of its shares for every 11 Deutsche Wohnen shares, according to a statement from Vonovia on Wednesday. The offer equals 25.86 euros a share or 9.92 billion euros (S$15.7 billion) excluding debt, the company said. "We wouldn't offer this alternative if we didn't believe it's an attractive option for shareholders and that a majority of shareholders recognise this," Vonovia chief executive officer Rolf Buch said.