March 22, 2017 / 10:17 AM / 9 months ago

CA Immo: Immofinanz must sell Russia assets by Q4 under merger timeline

VIENNA, March 22 (Reuters) - The head of property firm CA Immo said Immofinanz must shed its Russian assets by the end of the fourth quarter for merger talks, which are currently stopped, to be completed in time for shareholder meetings in May 2018.

CA Immo Chief Executive Frank Nickel said on Wednesday the companies had not yet agreed on the future strategy of any merged entity, nor had they looked at one another’s books, which he said made for a difficult, unstable situation.

He said it was impossible to talk about possible synergies of a merged entity before common strategy is decided. CA Immo Chief Financial Officer Hans Volkert Volckens said the relationship with Immofinanz was constructive. (Reporting By Shadia Nasralla; editing by Francois Murphy)

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