Spain's Neinor Homes launches $1.2 billion takeover bid for rival Aedas
MADRID, June 16 (Reuters) - Spanish homebuilder Neinor Homes (HOME.MC), opens new tab has offered to buy all shares of its rival Aedas Homes (AEDAS.MC), opens new tab for 1.07 billion euros ($1.24 billion), a deal that could shake up Spain's residential property sector.
If approved, the takeover would make Neinor the largest residential developer in Spain, with the ability to build over 43,000 homes in coming years, the company said in a regulatory filing on Monday.
The takeover would give Neinor control of around 20,200 homes in Aedas' portfolio, mainly located in the Madrid region.
Neinor said it expected the deal to boost its profits by 40% between 2025 and 2027, allowing it to raise shareholder payouts by nearly half over the same period.
The deal is backed by Aedas' largest shareholder Castlelake, which owns 79% of the company. Castlelake has agreed to sell its stake for 24.49 euros per share, or 21.34 euros per share after a planned Aedas dividend.
Neinor said it aimed to complete the acquisition by the end of this year and finance it through a mix of its own funds, a capital raise and loans.
($1 = 0.8639 euros)
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Reuters
an hour ago
- Reuters
Eli Lilly nears $1.3 billion deal for gene-editing biotech Verve Therapeutics, FT reports
June 16 (Reuters) - Eli Lilly (LLY.N), opens new tab is in advanced talks to acquire gene editing startup Verve Therapeutics (VERV.O), opens new tab for up to $1.3 billion, the Financial Times reported on Monday, citing people familiar with the matter. Reuters could not immediately verify the report.
Reuters
2 hours ago
- Reuters
Willingness to switch to EVs fades faster in Europe than US, Shell survey shows
LONDON, June 17 (Reuters) - Drivers are becoming more reluctant to switch to electric vehicles from combustion engines and the trend is more pronounced in Europe than in the United States, a survey published by Shell (SHEL.L), opens new tab on Tuesday showed. The main obstacle is cost, according to the survey of 15,000 drivers across the world, including Britain, China, Germany and the United States. "Europe surprised us," said David Bunch, Shell's chief for mobility and convenience. "The single biggest barrier to entry is the cost of the vehicle. Range anxiety is still there but it's diminishing." Electric vehicles are on average up to 30% more expensive than internal combustion engine cars. This year, 41% of respondents in Europe said they would consider switching to an electric car compared with 48% last year, while in the United States the number fell three percentage points to 31%, the survey showed. In terms of the pace at which the charging experience is improving, only about half of European drivers said public charging had improved in the last year, below China's 74% and 80% in the United States. Only 17% of European drivers asked said public charging offered value for money, compared with 69% in China and 71% in the United States. Shell runs 75,000 charging points and focuses its EV strategy on fast, on-the-go charging points rather than home-charging. Its core EV markets are China, Britain, Germany, Switzerland, Singapore, the Netherlands and the United States.
The Independent
2 hours ago
- The Independent
Gen-Z adults with a fitness regime ‘more likely to have a financial plan'
Gen-Z adults with a fitness routine are nearly twice as likely to have a financial plan as those who do not exercise, a survey has found. The survey commissioned by credit information company Experian indicated that, overall, young adults are switched on to their finances. The research among 18 to 25-year-olds found that more than nine in 10 (92%) of those who take steps to keep fit have a financial plan, as do just over half (54%) of those who do not exercise. Those who exercise regularly have £5,080 in savings on average, which is around double the amounts put away by those who do not exercise regularly (£2,511). 'Exercising regularly' was defined as those who said they exercised once a week or more. Experian partnered with endurance runner Russ Cook, also known as the Hardest Geezer, to urge young adults to put the same drive into money management as they do towards personal fitness goals. Mr Cook said: 'The mindset I use for my runs – discipline, small wins, getting up and doing it again – is the same one I use when thinking about money.' The survey also found that half (50%) of young adults feel 'traditional' financial goals, such as home ownership, are impossible. More than half (55%) of those surveyed said they are having to delay moving out of their family home. Nearly half (46%) of young adults said that being able to afford shorter-term ambitions such as holidays, travel and festivals is more important to them than long-term financial security. Around fifth (22%) are focused on staying out of debt, while nearly three in 10 (28%) want to save enough to take some time off work to travel, according to the survey among 2,000 people aged 18 to 25 across the UK carried out by Opinium in June. John Webb, credit expert at Experian, said: 'The link between physical and financial fitness is powerful, and through this campaign, we want to empower young people to apply the discipline they already show in their personal lives to their money, too.' Sebrina McCullough, director of external relations at Money Wellness, said: 'We see young people setting clear goals and tracking their progress. It's not about being perfect, it's about staying consistent. Just like training for a marathon, getting financially fit takes discipline, patience and self-belief. And Gen-Z are proving they've got all three.'
