Advent and Centerbridge want to take over Aareal Bank

by time news

Dhe Wiesbaden real estate financier Aareal-Bank may soon disappear from the stock exchange. After weeks of negotiations, the board of the S-Dax-listed bank has now approved a takeover offer from the two financial investors Advent and Centerbridge. They are offering shareholders EUR 29 per share, which corresponds to a premium of 35 percent over the average price before the offer was announced.

The bank’s chairman, Jochen Klösges, emphasized on Tuesday that the investors wanted to push ahead with the previous strategy and maintain the bank as a whole: “Contrary to the speculation that has often been expressed, there will be no break-up,” said Klösges. “The announced offer is therefore in the best interests of our company and its stakeholders.”

“The bank is not a Christmas present”

With this, Klösges aims at the repeated allegations of the two activist investors Petrus Advisers and Teleios against the management and above all the supervisory board. The two hedge funds have publicly advocated the sale of parts of Aareal Bank, in particular the Aareon IT division, which is considered to be of high value. The hedge fund Teleios immediately announced resistance to the takeover: “Aareal is not a Christmas present for the supervisory board to be given away,” said co-founder Adam Epstein. The supervisory board is trying again to take the simplest route to the detriment of the shareholders, Teleios will try to ensure that it gets a structured sales process off the ground in the new year. Petrus did not want to comment on Tuesday when asked by the FAZ.

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And yet another investor is now involved in Aareal Bank: On Friday evening, it became known that the Czech investor Daniel Kretinsky had increased his Aareal stake from 3.08 to 7.80 percent. Kretinsky is best known in Germany as an investor in lignite mining areas and through his entry into the Metro retail group, but he is also involved in the media group ProSieben Sat1 and the British football club West Ham United. What he plans to do with the Aareal investment is not yet known.


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