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Vonovia to make agreed $22 bln takeover offer for Deutsche Wohnen

FRANKFURT, May 24 (Reuters) - Europe’s largest residential property group Vonovia SE said it agreed to take over its closest German rival Deutsche Wohnen for about 18 billion euros ($22 billion) to better shoulder future investments in heat insulation.

Under the agreed deal, Vonovia will pay 52 euros per share and Deutsche Wohnen shareholders will retain the rights to a 1.03 per share dividend, Vonovia said in a statement late on Monday.

This amounts to a premium of about 18% on the closing price on Friday, the last trading day, it added.

$1 = 0.8187 euros Reporting by Ludwig Burger; Editing by Dan Grebler

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