Deutsche Wohnen AG, Germany’s second-biggest residential landlord, abandoned a 4.6 billion-euro ($5.2 billion) offer for LEG Immobilien AG to focus on defending itself against a bid from a larger competitor.
Deutsche Wohnen dropped the LEG proposal because it didn’t expect shareholders to approve a capital increase needed for the acquisition, the company said in a statement on Wednesday. It vowed to fight off the almost 10 billion-euro hostile offer from Vonovia SE to combine the two largest players in Germany’s real estate industry.
