Vonovia bids 9.92b euros for Deutsche Wohnen

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.