Covestro shares rose on Tuesday after takeover speculation flared up again.
Shares in the chemical company Covestro ultimately rose by 7.13 percent to 51.96 euros via XETRA. For the first time since mid-April, the price reached the 50 euro mark again.
In recent months, things have become quieter around a possible takeover by the state-owned oil company Abu Dhabi National Oil (ADNOC). But now the market has referred to a new entry on the financial website “Betaville”, which is again spreading market rumors under the keyword “Uncooked Alert”. It is said to speculate that the talks between Covestro and ADNOC may have progressed and that ADNOC has therefore approached lenders.
When asked, a Covestro spokesperson stressed that the situation had not changed. Covestro has been talking for months about open-ended talks with the Arab oil company Dhabi National Oil (ADNOC), without being specific.
Covestro could soon allow ADNOC to carry out an in-depth audit of its books as part of a so-called due diligence. The supervisory board is expected to discuss this on Wednesday. Covestro shares rose significantly following the news. When asked, a Covestro spokesman declined to comment on a possible supervisory board meeting.
Covestro shares led the DAX in the late morning with a gain of 6.85 percent to 51.82 euros. Takeover speculation arose around a year ago. Covestro later announced that it was holding open-ended talks with ADNOC. However, the company has not made any more specific statements since then, not even on Tuesday.
According to insiders, an informal offer of 60 euros per Covestro share is being discussed, which would amount to more than 11.3 billion euros. As Bloomberg reported on Tuesday, citing people familiar with the matter, ADNOC could raise the price slightly – depending on the outcome of the due diligence.
LONDON (dpa-AFX) / FRANKFURT (dpa-AFX Broker)
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