The long-awaited acquisition of German plastics company Covestro According to a press report, the UAE government oil company ADNOC is expected to make an announcement this week. The Wall Street Journal reported on its website that the purchase valued the German group at about 11.7 billion euros.
Investors were happy but remained cautious. In an initial reaction, Covestro shares rose 2.3 percent to 57.22 euros compared to the closing price on the main trading platform Xetra on the Tradegate trading platform, thus remaining well below the potential takeover price.
Concrete takeover negotiations between Covestro and ADNOC have been ongoing since June 2024
Speculation about the purchase arose more than a year ago. In September 2023, Covestro announced that it was in talks with ADNOC, and concrete takeover negotiations have only been ongoing since June 2024. The price is 62 euros per share.
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