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UPDATE 2-Immofinanz delays vote on merger with CA Immo over Russia
December 19, 2016 / 12:02 PM / 9 months ago

UPDATE 2-Immofinanz delays vote on merger with CA Immo over Russia

(Adds shareholder vote on merger expected in 2018)

Dec 19 (Reuters) - Immofinanz AG :

* Adjusts the preliminary timetable for the planned merger with CA Immobilien Anlagen

* Reason is planned divestment of Immofinanz’s Russian property portfolio, which is a condition for merger of two companies

* The recent stabilisation of the economy in Russia has contributed to this decision

* Structured bidding process for Immofinanz’s Moscow shopping centers is scheduled to start at beginning of 2017. According to current estimates, transaction should close in 2017

* The detailed merger discussions between Immofinanz and CA Immo will be rescheduled until the separation of Immofinanz’s Russian portfolio is completed

* The shareholder meetings to vote on the merger are expected, from the current point of view, to take place in 2018 Source text for Eikon: Further company coverage: (Gdynia and Vienna newsrooms)

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