German real-estate company Vonovia isn't giving up on its plan to buy Deutsche Wohnen, and said it will make a new offer for its rival after the previous attempt failed. The new price of EUR53 for each Deutsche Wohnen share is a small increase from the previous offer of EUR52, Berenberg says, and implies a premium of less than 1% on Deutsche Wohnen's latest closing price on July 30. In previous statements, Vonovia said the proposed merger would increase its portfolio value and create synergies. "Residential real estate gives the possibility to meaningfully enhance the profitability by owning a larger portfolio, as shown by Vonovia and its peers over the previous years," Berenberg says. (olivia.bugault@wsj.com)

 

(END) Dow Jones Newswires

August 02, 2021 03:16 ET (07:16 GMT)

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