Pursuits
Investors Cool on Vonovia Bid to Create German Mega-Landlord
- Offer `doesn't reflect Deutsche Wohnen's growth potential'
- Vonovia may have made its move too soon, investors say
This article is for subscribers only.
Deutsche Wohnen AG Chief Executive Officer Michael Zahn said in March he’d be open to a takeover by a larger competitor. Now there’s an offer on the table from Vonovia SE he doesn’t like it -- and neither do some of the largest shareholders.
Vonovia’s 9.9 billion-euro ($10.6 billion) offer for Deutsche Wohnen once seemed inevitable, as Germany’s rental homeowners get bigger in size and fewer in number. Now the deal’s in doubt because many Deutsche Wohnen investors say the price isn’t high enough, and some Vonovia shareholders are concerned that the company’s growing too quickly.