...PARIS (Standard & Poor's) Feb. 11, 2016--Standard & Poor's Ratings Services said today that its ratings and outlook on German residential property company Vonovia SE (###+/Stable/A-2) are not affected by the failure of Vonovia's takeover bid for competitor Deutsche Wohnen AG. Vonovia has announced that it did not reach sufficient approval from Deutsche Wohnen's shareholders on its hostile takeover offer, which was valued at about 14 billion when it was announced in October 2015. In our view, the failure of the takeover bid is neutral to Vonovia's credit quality. This is mainly because we saw limited credit improvement for Vonovia in the combination of the two companies. We believe that Vonovia's scale would have improved by acquiring the next-largest competitor in the listed German residential property segment, but geographic focus would have remained on Germany, leaving it still more dependent on a single economy than some real estate peers in other asset classes, such as Unibail-Rodamco....
