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Austria's Immofinanz files lawsuit against Ca Immo - report.

April 13 (SeeNews) - Austrian real estate company ImmofinanzA A (VIE:IIA) has filed a lawsuit against rival CA ImmoA (VIE:CAI) over an alleged breach of a standstill agreement between the companies, Austrian weekly news magazine Profil reported in its Monday issue.

According to the terms of the agreement, the companies cannot acquire shares in each other for a period of twelve months.

In its complaint with Vienna's Commercial Court, Immofinanz seeks to prohibit Ca Immo from acquiring new shares in Immofinanz before April 17. In addition, Ca Immo is to sell the Immofinanz shares it already holds to third parties and be stripped of its voting rights.

This is the latest twist in the takeover battle between Ca Immo and Cyprus-based investor O1 and Immofinanz. The parties are trying to build a stake in each other.

Immofinanz shareholders are set to vote on lowering the threshold for a mandatory takeover offer to 15% of the shares on April 17. Ca Immo CEO Bruno Ettenauer has already announced he will vote against the proposal.


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Publication:SeeNews Austria
Date:Apr 13, 2015
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