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S Immo to quickly invest funds from Immofinanz stake sale in property - CEO

By Reuters

BERLIN – Austrian property group S Immo plans to invest the funds it will receive for its stake in rival Immofinanz into property quickly, its CEO Bruno Ettenauer told Reuters on Tuesday.

A combination of Immofinanz and S Immo is still on the table, even after S Immo withdrew from a takeover battle and agreed to sell its 12.7% stake to rival bidder CPI Property Group on Monday.

Immofinanz holds 26.5% in S Immo, and CPI has said it wants either the stake to be sold or the two to merge. The latter would require a fair offer and synergy effects, Ettenauer said.