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On Wednesday, Berenberg analysts downgraded Cofinimmo (EBR:COFB:BB) stock from Buy to Hold. The decision follows the announcement of agreed terms for a merger with Aedifica. The analysts also raised the price target for Cofinimmo shares to €78 from €70, aligning with the new exchange offer.
Cofinimmo revealed on Tuesday that it had reached an agreement with Aedifica to combine the two companies. The terms of the new exchange offer show only slight differences from Aedifica’s initial voluntary exchange offer.
Berenberg analysts highlighted these developments as the basis for their revised rating and price target. The merger terms prompted the downgrade, while the price target increase reflects the updated exchange offer.
Cofinimmo and Aedifica’s merger plans come amid a backdrop of strategic realignments in the sector. The agreement marks a significant step for both companies as they move forward with the consolidation.
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