Vonovia Says Adler Stake Is Valuable Despite Share-Price Slump
02 Maggio 2022 - 01:25PM
Dow Jones News
By Ulrike Dauer and Ed Frankl
Vonovia SE said Monday that it hasn't changed its assessment of
Adler Group SA, after the latter's shares dived due to auditors not
signing off its accounts, but that the company won't increase its
stake further.
The German real-estate company is Adler's largest shareholder,
with a 20.5% stake, but said it considers the investment small
compared with its own balance sheet, and hasn't changed its view
that there is more value in Adler than the stock market would
suggest.
Shares in Adler Group are down 43% at 1053 GMT after KPMG
Luxembourg said it couldn't offer an opinion on its finances due to
the "denial of access to certain related party information,"
according to an Adler press release on Saturday.
Adler's entire board of directors offered their resignation,
with four accepted by the chairman Stefan Kirsten.
"We know Stefan Kirsten from his time at Vonovia [as Chief
Financial Officer] and believe he cares about fixing governance
issues," Vonovia said.
Vonovia shares are down 0.77%, having dropped as much as 4.8%
earlier in the session.
The company obtained its stake in Adler in February from
Aggregate Holdings after it was pledged as collateral against a
loan.
"Given our increased cost of capital and our commitment not to
raise further debt in the current environment, it is clear that we
are not buyers of Adler shares," Vonovia said.
Write to Ukrike Dauer at ulrike.dauer@wsj.com and Ed Frankl at
edward.frankl@dowjones.com
(END) Dow Jones Newswires
May 02, 2022 07:10 ET (11:10 GMT)
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