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Bank Austria submits voluntary offer for CA Immo shares

  • Existing shareholding is planned to be increased from currently over 10 per cent to just under 30 per cent
  • Value growth potential of the company based on currently low valuation levels in the real estate sector and acquisition of Europolis
  • Offering price of EUR 12.35 per share is 18.64 per cent higher than the closing price of EUR 10.41 on 02 December 2010 and 31.45 per cent above the 6-month volume-weighted average price

Today the Supervisory Board of Bank Austria has passed a resolution to increase Bank Austria’s shareholding in CA Immobilien Anlagen AG (“CA Immo”) by making a voluntary offer pursuant to Section 4 and subsequent sections of the Austrian Takeover Act (Übernahmegesetz). The shareholding is to be increased to the maximum possible level below the legal control threshold of 30.0 per cent. The documentation required for this offer will be submitted to the Austrian Takeover Commission for appraisal and subsequently published on the websites of Bank Austria ( www.bankaustria.at) and the Austrian Takeover Commission ( www.takeover.at).

Reasons for the planned acquisition
From Bank Austria’s point of view, there is no need for any major changes in CA Immo’s operating activities. With the acquisition of Europolis, CA Immo offers its shareholders a real estate portfolio with a stronger earning power, ideally complementing the high-growth development activities in Germany. A particularly attractive feature is the plan to sell selected properties, which should reduce CA Immo’s debt ratio and improve its equity ratio.

Bank Austria expects that overall conditions in markets which are of significance for CA Immo and the valuation levels of real estate held by the company will recover perceptibly.

Offering price
Bank Austria’s offer is a voluntary offer pursuant to Section 4 and subsequent sections of the Austrian Takeover Act. For this reason Bank Austria can determine the offering price at its discretion. The offering price of EUR 12.35 is mainly guided by CA Immo’s valuation in connection with the merger with CA Immo International and by the offering price of CA Immo International, which has been confirmed by the Austrian Takeover Commission. This reflects a discount of 31 per cent from the net asset value (NAV) per share of EUR 17.96 (as at 30 November 2010) and is about 19 per cent higher than the closing price of EUR 10.41 on the Vienna Stock Exchange on 02 December 2010 as well as exceeding the 6-month volume-weighted average price by about 31 per cent.

Enquiries: Bank Austria Media Relations Austria

Martin Halama, tel. +43 (0) 50505 52371
e-mail: martin.halama@unicreditgroup.at

Tiemon Kiesenhofer, tel. +43 (0) 50505 56036
e-mail: tiemon.kiesenhofer@unicreditgroup.at

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