May 10, 2017 / 6:46 PM / 3 months ago

German property group TLG makes takeover offer for peer WCM

FRANKFURT, May 10 (Reuters) - TLG Immobilien said it will make an offer for peer WCM, as the property group seeks to expand its commercial real estate portfolio in Germany.

TLG is offering one of its shares in exchange for each 5.75 of WCM shares tendered for exchange, valuing WCM each at 3.15 euros, TLG said on Wednesday.

TLG is planning to create the necessary new shares through a capital increase.

Earlier on Wednesday, Reuters had reported that an offer from TLG for WCM was imminent. (Reporting by Arno Schuetze; Editing by Elaine Hardcastle)

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