Alongside the merger resolutions, the meetings agreed to anImmofinanz capital increase by up to €589 million through issuancesof up to 567 million bearer shares intended for Immoeast equityholders at a rate of three Immofinanz for every two Immoeastshares. The merger can now proceed quickly.

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"The merged Immofinanz will be an internationally successfulplayer in the real estate business with a prime portfolio incentral and eastern Europe," the firms said.

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The two companies have been battling with huge internalfinancial turmoil sparked initially by management and ownershipconfusion as they sought to separate, two years ago, from Austrianprivate bank Constantia, the original owner. This was exacerbatedby financial disparities and lacked of clarity over the role offounder and Chairman Karl Petrikovics, who was forced to step down– plus the onset of the global financial crisis.

AllanSaundersonis a managing editor of Property FinanceEurope and a contributor to GlobeSt.com.

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