Vonovia acquired Deutsche Wohnen shares at €53 each in 2021. In its 9M 24 consolidated accounts, these shares are valued at €42. In October, Vonovia sold a block of shares to Apollo for €25 each. Currently, a public offer of €23 is extended to minority shareholders. Whatever these discrepancies, there are concerning asymmetries in assumptions that disadvantage Deutsche Wohnen’s minority shareholders. In our assessment, the offer is not equitable.
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The Insurance PE is going up steadily, i.e. confidence is on the rise. Better not disappoint.