Deals
CA Immo, Immofinanz Cool Down Austrian Property Takeover
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A takeover battle between Austria’s two biggest commercial property companies petered out today as CA Immobilien Anlagen AG fell short of its targeted stake in Immofinanz AG and Immofinanz dropped its counteroffer.
CA Immo’s 423 million-euro ($457 million) tender offer for 13.5 percent of Immofinanz was accepted only for 1.6 percent of the shares, Vienna-based CA Immo said in a statement today. Earlier, Immofinanz abandoned its counter-bid for 29 percent of CA Immo, saying in a statement late yesterday that the stake wouldn’t yield the desired influence over its competitor.