I think given the importance of the topic we should even dig deeper.
When comparing adjusted EBTs we should take the last couple of years into account to get an more longerterm view of the adjusted EBTs over time for both companies. We also need to make sure that they use the same methodology (adjust for same things and make sure that business specific temporary effects are reliably excluded in adjustments) and we also need to look at the core underlying strength of the businesses. Thats why I suggested to see if we could separate out the adj. EBT associated to rental incomes and therefore indirectly property values. This business is a very secure and stable conservative business while Vonovias development business is way more risky, should fluctuate more and in the worst case they can even loose money with it.
So if I understood you correct Vonovia would need 95% to initiate a squeeze out and 90% would not work? It is important to be absolutely certain on that point.
The fast tracking for a squeeze out is interesting. Does it work in both the 90 and 95% cases? (The laws are different for them as they have been designed for different situations and therefore details for squeeze out speeds might also vary)