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2021-09-09

DGAP-News: ADLER welcomes finding of the European Court of Justice: Austrian Takeover Commission does not comply with European law - notices against ADLER irrelevant

DGAP-News: Adler Group S.A. / Key word(s): Legal Matter
ADLER welcomes finding of the European Court of Justice: Austrian Takeover Commission does not comply with European law - notices against ADLER irrelevant

09.09.2021 / 16:10
The issuer is solely responsible for the content of this announcement.


ADLER welcomes finding of the European Court of Justice: Austrian Takeover Commission does not comply with European law - notices against ADLER irrelevant

  • Austrian Takeover Commission should not be "investigator", "prosecutor" and "judge" in one institution
  • Austrian Takeover Commission's unlawful notices against ADLER not binding

Berlin, 9 September 2021 - Adler Group S.A. welcomes today's finding by the European Court of Justice ("ECJ") that the Austrian Takeover Commission ("ATC"), in its current structure and with the appeal possibilities available to it, does not act independently and does not comply with European law. Thus, the ATC should not be "investigator", "prosecutor" and "judge" in one institution. Since the ATC is not independent in the sense of European law, market participants must have the possibility to have decisions of the ATC fully reviewed by an independent court.

Therefore, in the opinion of the ECJ, determination and administrative penalty notices issued by the ATC against market participants cannot have any binding effect on any civil or administrative proceedings. With the ECJ's finding, the ATCs notices issued against ADLER therefore also have no binding effect in civil and administrative proceedings and are therefore irrelevant.

In March 2016, the ATC had accused ADLER, together with other parties to the proceedings, of acting as joint legal entities in the course of the planned takeover of conwert Immobilien Invest SE ("conwert") and of so-called "acting in concert". ADLER had been prevented from subjecting this finding of the ATC to a review by an independent court and from obtaining a legal hearing. In subsequent proceedings, ADLER therefore suggested that the ATC's actions be examined for violations of European law.

ADLER has always emphasised that there were no agreements or arrangements between it and other conwert shareholders regarding the takeover of conwert. ADLER already sold its stake in conwert to Vonovia SE in January 2017 as part of Vonovia SE's voluntary offer to conwert shareholders.

Contact:

Investor Relations:
T +352 278 456 710
F +352 203 015 00
E investorrelations@adler-group.com

Media Relations:

T +49 30 403907 164

E presse@adler-group.com




09.09.2021 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
Archive at www.dgap.de


Language:English
Company:Adler Group S.A.
1B Heienhaff
1736 Senningerberg
Luxemburg
Phone:+352 278 456 710
Fax:+352 203 015 00
E-mail:investorrelations@adler-group.com
Internet:www.adler-group.com
ISIN:LU1250154413
WKN:A14U78
Indices:SDAX, FTSE EPRA/NAREIT Global Index, FTSE EPRA/NAREIT Developed Europe Index, FTSE EPRA/NAREIT Germany Index
Listed:Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Hanover, Munich, Stuttgart, Tradegate Exchange; London, Luxembourg Stock Exchange, SIX
EQS News ID:1232428



 
End of NewsDGAP News Service

1232428  09.09.2021 

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