Deals
Immofinanz, CA Immo to Merge After Their Rival Bids Failed
- Companies revisit last year's hostile battle on friendly terms
- Immofinanz to sell convertible bond, Russian assets for deal
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Immofinanz AG and CA Immobilien Anlagen AG plan to merge in a transaction that would create the biggest commercial property group in central and eastern Europe, following a hostile takeover battle that ended without a deal last year.
Immofinanz agreed to buy a 26 percent stake in CA Immo from Russian billionaire Boris Mints’s O1 Group Ltd. in a first step to a full merger, the company said in a statement on Monday. Immofinanz will sell or spin off its five Russian shopping malls before combining with CA Immo to create a company with real estate assets of about 6 billion euros ($7 billion) in Austria, Germany and several eastern European countries.