The Ministry of Wolfgang Schäuble (CDU) believes that the cash components of company acquisitions technically equivalent to a dividend and must be so burdened with the normal withholding tax rate of 25 percent plus solidarity surcharge and any church tax. In the case of Vonovia offering makes the cash portion around 3 billion euros. Relevant information from manager-magazin.de confirmed a ministry spokesman. Got the ball rolling was the case of the Banking Association, who wanted to clear up a few weeks ago with a corresponding request to the Ministry of legal uncertainty.
Individual investors already spread alarm mood. A capital gains tax on the cash component would make the return on Annington-bid for the German-residential shareholders may unattractive, so they see the deal at risk overall, they said on the condition to be able to remain anonymous. Anningtons CFO Stefan Kirsten went recently in a conference call with analysts and investors to address the concerns. The government forme just their opinion, but excessive fears are exaggerated, says Kirsten. For example, is still unsure whether Schäuble's new rules for private investors (capital gains tax), or even the professional investors (Investment Tax Law) applies.
In fact, clarity is expected to prevail at the earliest in a week. The Federal Ministry of Finance has asked the countries for an opinion on his assessment until Thursday this week. Reason: In the countries of tax enforcement is. Then there need expected to be over the weekend until the professionals have emerged a unified opinion, so Schäuble spokesman.
The request of the Bank Association was referring specifically to the tax treatment of two already of past transactions, each in the real estate industry: The purchase of Westgrund by Adler and Gagfah by Vonovia which was then called German Annington, has been carried out in each case as an exchange of shares with cash component. The Clearance Service Clearstream, the investors conduct their transactions over the technical, announced his client on Wednesday last week to possibly cancel the old gross dividend and "settle again after deduction of tax" to have.