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Immofinanz/East Merger Gets Shareholders' Nod

VIENNA-Immofinanz achieved 99.99% approval, with Immoeast shareholders voting 96% in favor.

By Allan Saunderson | Updated on January 28, 2010

VIENNA-A significant majority at the extraordinary shareholders meetings of Austrian listed groups Immofinanz and its subsidiary Immoeast voted for the proposal put forward by the boards to merge. Immofinanz achieved 99.99% approval, with Immoeast shareholders voting 96% in favor. Both clearly exceeded the three-quarters majority needed.

Alongside the merger resolutions, the meetings agreed to an Immofinanz capital increase by up to €589 million through issuances of up to 567 million bearer shares intended for Immoeast equity holders at a rate of three Immofinanz for every two Immoeast shares. The merger can now proceed quickly.

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