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Shareholders approve merger of Austria's Immofinanz/Immoeast
A significant majority at the extraordinary shareholders meetings of Austrian listed groups Immofinanz and its subsidiary Immoeast have voted for the proposal put forward by the boards to merge. Immofinanz achieved 99.99% approval, with Immoeast shareholders voting 96% in favour. Both clearly exceeded the three-quarters majority needed. The merger will be achieved by a capital increase of Immofinanz and a share swap for Immoeast equity holders at a rate of 3:2. (See upcoming PIE editions for full story)