Deals
Immofinanz Seeks CA Immo Stake in $572 Million Counterbid
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Immofinanz AG, Austria’s largest publicly traded property company, is trying to become the biggest shareholder in CA Immobilien Anlagen AG a week after rejecting a hostile approach from its rival.
Immofinanz plans to bid 531 million euros ($572 million) for as much as 29 percent of CA Immo, seeking a stake that would allow it to control the company, Chief Executive Officer Eduard Zehetner told journalists in Vienna today. CA Immo described the move as an “emotional reaction” to its own offer, along with Russian investor Boris Mints, to buy 13.5 percent of Immofinanz.