Offbeat Financial investors want to swallow Aareal Bank

13:35  23 november  2021
13:35  23 november  2021 Source:   ksta.de

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The financial investors Advent and Centerbridge make serious with the acquisition of Aareal Bank. The companies want to offer 29 euros for each share of the commercial real estate financier, as they and the bank announced on Tuesday.

Ein Schild weist auf die Einfahrt für Besucher der Aareal Bank hin. © Picture Alliance / DPA A sign indicates the entrance to visitors of Aareal Bank.

Thus, assess the Wiesbadener Institute with more than 1.7 billion euros. The bank had made calls in the beginning of October and already mentioned the price of 29 euros per share as a basis for a negotiable.

Management Board and Supervisory Board of the Bank are behind the project. As a condition for the acquisition, the shareholders are the financial investors at least 70 percent of the shares. In addition, the supervisory authorities must agree. The bid of investors of 29 euros corresponds to a premium of around 35 percent on the volume-weighted three-month average price before confirmation of the talks, it was said. On the stock market, the news arrived well.

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According to the communications, the investors are behind the bank's strategy and want to accelerate the growth of the group. "We want to invest in the group to further develop the Bank's segments," said Advent Germany Chief Ranjan Sen. Centerbridge European Manager Ben Langworthy showed up "Convinced that Aareal Bank with a stable shareholder base better focus on its longer-term goals CAN ». Investors, according to Aareal Bank, are ready to provide further equity to enable business growth.

Potential Soon Better Exploit

The new Aareal board schef Jochen Klösges said, "In our conversations, we are convinced that we can better exploit this potential, through strong investment as well as our combined expertise and our market access." With additional capital, the Bank could significantly increase its new business according to its own statement than previously planned. The announced offer is in the best interest of the company. The institute will increase for the coming about five years an increase in the credit portfolio by around one third of up to 40 billion euros.

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The former Commerzbank manager Klösges had just moved to the top of Aareal Bank in mid-September. A takeover of the institute through financial investors belonged to him not to his ideas. "We did not search these talks," he had recently emphasized. "Investors are approaching us."

In order to finance the planned investments, the Bank should no longer extend its profits to the shareholders in the future. The previously planned second part of the dividend for 2020 should therefore not be paid out in the event of a success of the offer. Actually, the shareholders should have decided at an Extraordinary General Meeting on 9 December on the distribution of € 1.10 per share, which the bank had initially retained because of the Corona crisis. This point will now be deleted from the agenda.

Investor No unknown

of the Financial Investor Advent, which is concerned with the acquisition now with Centerbridge and other investors, is not an unknown for Aareal Bank. The institute had brought the Financial Investor as a shareholder in his IT subsidiary Aareon into the boat last year.

In the summer, the bank had recovered in day-to-day business by the Corona Crisis. According to a third quarter pronounced from the point of view of the management "Third quarter, the Executive Board portions an operating profit between 100 and 175 million euros for 2021. In view of the Corona situation, however, the Board of Management continued to be cautious and referred to the experiences from the past winter. Since the bank had set provisions for vulnerable loans significantly upwards - and completed 2020 with red numbers.

on Friday evening had become known that the Czech Investor Daniel Kritsky had increased its Aareal share from 3.08 to 7.80 percent. Most recently speculated that Kritsky could engage in the rings around the future of Aareal.

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If proposed legislation becomes law, it will foreclose many merger and acquisition exits and thus lessen the incentives for founding and growing a business. It therefore makes investment in innovative ventures less likely since founders and investors cannot reap the rewards of a relatively timely exit at high valuations. When certain potential acquirers can no longer make acquisition bids, venture capital investors will lose the ability to make significant returns and funding to the entrepreneurial ecosystem may wither.For the past two decades, acquisitions have constituted the most common entrepreneurial exit for U.

usr: 1
This is interesting!