Stock Groups

CPI Property secures 53% stake in Immofinanz in tender offer -Breaking

by Mike Robinson

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© Reuters. FILEPHOTO: This is the logo of Austrian Real Estate Group Immofinanz, as seen from Vienna’s Headquarters Building on August 13, 2010. REUTERS/Heinz-Peter Bader/File Photo

ZURICH (Reuters), CPI Property Group announced that it has taken control of a major stake in Austrian real-estate group Immofinanz through a tender. The tender included convertible bonds and shares. Acceptance period ended Wednesday.

CPI announced that CPI would have just under 73.7 million shares, which is 53.3% of the outstanding voting rights.

It added that the share price for Immofinanz shares is 23.00 Euros and the convertible bond price at 111.470.29 € per nominal 100,000 euro ($111.720) will not be paid later than March 9.

Immofinanz shares were closed Thursday, at 22.90 Euros.

($1 = 0.8951 euros)

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