Vonovia Takes Adler Stake After Enforcing on Aggregate Loan_老虎社区_美港股上老虎

Vonovia Takes Adler Stake After Enforcing on Aggregate Loan

Bloomberg2022-02-22

Vonovia SE took a 20.5% stake in landlord Adler Group SA after the company’s largest shareholder breached the terms of a loan.Vonovia said in a statement it enforced a pledge it had on Aggregate ...

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Joeljp
·2022-02-22
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At the time, short-seller Viceroy Research had just published a damning report that sent Adler’s shares plunging.“By taking this step, Vonovia is protecting itself against a loss of its receivable following a failure by Aggregate Holdings Invest to provide contractually agreed cash collateral,” the company said on Tuesday. “Vonovia retains all options, including the full or partial sale of the shares.”Vonovia’s enforcement sent Aggregate bonds to a record low on Tuesday.Aggregate is owned by Guenther Walcher and advised by Cevdet Caner, the Austrian entrepreneur accused by Viceroy of pulling the strings behind Adler. The company has rejected the allegations and Caner has filed a criminal complaint against Viceroy founder Fraser Perring, a move that’s prompted BaFin to probe the allegations.The voting rights on the shares transferred to Vonovia are subject to anti-trust clearance, the statement added. Vonovia, Germany’s largest landlord, is a serial dealmaker in European real estate and the company’s Chief Executive Officer Rolf Buch told analysts in November that it would “never buy just a few Adler shares”.The Adler crisis has roiled Aggregate which has also sold off stakes in Corestate Capital Holding SA and Austrian landlord S Immo AG since the publication of the Viceroy report. The company won a ruling in November from a German court which told Viceroy to cut four passages from the report that discuss Wachler’s relationship with Caner.Vonovia has been monitoring Adler since at least 2020 when the company made a provisional approach to key shareholders about a potential takeover, a move that was rejected. It then stepped in after the Viceroy report to secure an 18-month option to buy half of Aggregate’s stake for 14 euros a share.It also secured an undertaking by Aggregate to push for a rights issue at Adler in which it would be entitled to participate. 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