May 22, 2020 / 12:24 PM / 12 days ago

German real estate companies LEG, TAG in merger talks

BERLIN (Reuters) - German real estate companies LEG Immobilien (LEGn.DE) and TAG Immobilien (TEGG.DE) are in talks about a potential combination of their businesses, LEG said on Friday.

LEG would offer TAG shareholders to exchange their shares for LEG stock, the group said in a statement.

“At this stage it is uncertain whether an agreement will be reached and whether a transaction will be announced,” LEG added.

Shares in TAG were up 4.6% at 1205 GMT, while LEG shares were up 0.3%, paring most of their earlier gains.

Both companies are listed in German mid-cap index MDAX .MDAXI and have a combined market capitalization of more than 10 billion euros ($10.9 billion).

Reporting by Thomas Seythal; Editing by Maria Sheahan

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