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Germany’s biggest real estate firm Deutsche Annington on Friday launched its public offer for third-ranked rival Gagfah in a €3.9-billion ($4.8 bln) cash and share deal.
Gagfah shareholders can tender their shares until January 2015, Deutsche Annington said in a statement, adding the minimum acceptance level lies at 57 per cent of all outstanding Gagfah shares.
The deal is set to create Europe’s second largest real estate company after France’s Unibail-Rodamco with some 350,000 flats and a portfolio totalling €21 billion, Deutsche Annington had said earlier this month. ($1 = 0.8141 euros)
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