English
Français
Deutsch
Italiano
Português
Русский
Español
简体中文
日本語
By Pierre Bertrand
Shares in Covestro rose in late European trading Friday after a report by Bloomberg that the German chemical company’s supervisory board is meeting to consider whether to enter into takeover talks with Abu Dhabi National Oil Co.
At 1456 GMT, Covestro shares traded 8.5% higher to EUR51.84 after rising as much as 11% earlier in the afternoon.
A Covestro spokeswoman declined to comment on the report when approached by Dow Jones Newswires. A representative from Adnoc wasn’t immediately available for comment.
Adnoc’s proposed takeover bid would value Covestro at 11.6 billion euros ($12.4 billion) or more, Bloomberg reported.
Covestro’s market capitalization was EUR9.06 billion as of Thursday’s close, according to FactSet.
The Bloomberg report comes after the first news on the Emirati oil giant’s interest in the German company emerged in June. Covestro rejected Adnoc’s initial bid, but signaled openness to enter talks if better terms were offered, Bloomberg reported in June.
Write to Pierre Bertrand at [email protected]
Read the full article here
