HVB is taking the next step toward combining its real estate financing operations in a new group. The bank plans to increase its current equity interest of 96.91% in HVB Real Estate Bank AG to 100%.
To this end it is now preparing a squeeze-out in which the remaining shareholders of HVB Real Estate Bank AG will be paid an adequate cash compensation for their holdings. The complete takeover of the company will facilitate the spin-off of commercial real estate financing business in the course of transforming the HVB Group, a preferred option in the coming year. The Extraordinary Meeting of Shareholders of HVB Real Estate required for adoption of this resolution is scheduled for the beginning of 2003.
(source: HVB Group)
