Tuesday, October 26, 2021
Farewell to the Dax
Deutsche Wohnen is now part of Vonovia
Deutsche Wohnen is about to say goodbye to the Dax. Because Vonovia now holds almost 88 percent of the voting rights in Berlin. A well-known Hamburg giant can therefore hope for a return to the leading index.
Germany’s largest rental company Vonovia announces the successful completion of the takeover offer for the previous number two in the industry, Deutsche Wohnen. As the Vonovia Group from Bochum announced, it will hold around 87.6 percent of the voting rights in Deutsche Wohnen SE at the end of the additional acceptance period.
Deutsche Wohnen is thus about to leave the leading index Dax. Deutsche Wohnen’s free float is now too small to be included in the index of the 40 most important listed companies in Germany. In such cases, Deutsche Börse usually reacts within a few days.
During the index reform in September, the Hamburg-based consumer goods manufacturer Beiersdorf just missed making it back into the Dax. He could now move up for Deutsche Wohnen. Vonovia has so far spent around 17 billion euros on Deutsche Wohnen shares and is managing 568,000 apartments after the mega-merger of the two Dax groups. “We can now join forces to tackle the major societal and social challenges in the housing market,” said CEO Rolf Buch. “We stand by our responsibility to work together with politicians on specific solutions for affordable and climate-friendly living space.”
Buch had to tremble for a long time about the takeover, in the first attempt the industry giant even missed the desired majority. It was only when the Bochum group waived all conditions that it removed the basis of all speculations about failure. The Deutsche Wohnen shareholders should receive their money by next Tuesday, 53 euros per share. They had the opportunity to tender their shares until October 21st.