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28 May 2012

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Hamburg's TAG takes control of Colonia, Elgeti takes board seat

Hamburg-based listed TAG has achieved control of Colonia Real Estate, taking 50.02% of CRE equity after a voluntary takeover bid. TAG's two senior executives, CEO Rolf Elgeti and CFO Hans-Ulrich Sutter, have been named to the Cologne-based firm's board, CRE announced. The move triggers a change-in-control clause on two of CRE's convertible bonds.

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