Alongside the merger resolutions, the meetings agreed to an Immofinanz capital increase by up to €589 million through issuances of up to 567 million bearer shares intended for Immoeast equity holders at a rate of three Immofinanz for every two Immoeast shares. The merger can now proceed quickly.
"The merged Immofinanz will be an internationally successful player in the real estate business with a prime portfolio in central and eastern Europe," the firms said.
The two companies have been battling with huge internal financial turmoil sparked initially by management and ownership confusion as they sought to separate, two years ago, from Austrian private bank Constantia, the original owner. This was exacerbated by financial disparities and lacked of clarity over the role of founder and Chairman Karl Petrikovics, who was forced to step down – plus the onset of the global financial crisis.
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