August 12, 2018 / 11:37 AM / in 2 months

Vonovia to pay $382 million in Buwog squeeze-out

FRANKFURT (Reuters) - German real estate company Vonovia (VNAn.DE) has agreed to pay 334.4 million euros ($381.6 million) to squeeze out remaining minority shareholders of Austria’s Buwog (BWOA.VI), Buwog said in a statement on Sunday.

The new headquarters of German real estate company Vonovia SE, a member of the German DAX-30 stock market index, is pictured in Bochum, Germany, April 24, 2018. REUTERS/Wolfgang Rattay

Vonovia, which already owns 90.73 percent of Buwog, will pay 29.05 euros per share for the remaining stake, Buwog said. Buwog shares closed at 29.04 euros apiece on Friday.

Buwog said an extraordinary shareholder meeting would be held on Oct. 2, 2018 to review the proposal.

Reporting by Christoph Steitz

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