The Polish Financial Market Authority has also approved the information memorandum for the share exchange in its market. The merger has long been planned to integrate the Immofinanz-controlled Immoeast and continue a recovery of the two firms hit hard in the last two years by a scandal at their original owner, Constantia Bank, and the global economic crisis. With the merger, trading of Immoeast shares on the Vienna Stock Exchange will cease and an application for cessation on the Warsaw Stock Exchange will also be made.
The merger entails a Immofinanz capital increase of $785 million through the issuance of 567 million in stock to shareholders of Immoeast. The share exchange - three Immofinanz shares for two Immoeast – takes effect on the merger date.
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