Tuesday, 18 July 2023

Adnoc Is Said to Boost Covestro Takeover Bid to €11 Billion - Bloomberg

Adnoc Is Said to Boost Covestro Takeover Bid to €11 Billion - Bloomberg

Abu Dhabi National Oil Co. has increased its takeover offer for Covestro AG to about €11 billion ($12.4 billion) as it seeks to convince the German chemical producer to enter talks, people familiar with the matter said.

Adnoc’s latest proposal values Covestro at about €57 per share, up from its first informal bid of around €55, the people said, asking not to be identified because the information is private. The state-backed firm voiced confidence in Covestro’s strategy and management, according to the people.

Shares of Covestro jumped 5.6% in late Frankfurt trading to close at €50.30, the highest level since February 2022.

Last month, Leverkusen-based Covestro rejected Adnoc’s earlier proposal as too low, people familiar with the matter said at the time. Covestro also raised questions around Adnoc’s plans for its specialties operations.

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