German property giants announce 19-bn-euro merger

Germany's top property group Vonovia announced Monday plans for a 19-billion euro merger with rival Deutsche Wohnen to form a giant in the sector. "In order to tackle both the housing shortage and climate change more robustly and efficiently, Vonovia and Deutsche Wohnen are joining forces," said a statement from the company. The proposed deal comes after two previous attempts failed to come off, the last having been rejected by Deutsche Wohnen in 2016. But this latest offer prices Deutsche Wohnen shares at well above their current market value, which stood at 44.99 euros on close of trade Friday on the Frankfurt exchange.