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Covestro AG (1COV.DE)
- Reuters
Covestro opens door to ADNOC deal after it raises bid to $12.5 billion
FRANKFURT (Reuters) -Germany's Covestro said on Monday it was stepping up talks with ADNOC after the Emirati energy company made an improved 11.7 billion euro ($12.5 billion) takeover bid following more than a year of pursuing the chemicals firm. Covestro, which makes plastics and chemicals for construction and engineering, said it was opening its books to ADNOC and believed the two sides could "generally reach a common understanding regarding core aspects of a possible transaction including support for Covestro's further growth strategy". Talks, which had previously been described as open-ended, will now be "concrete negotiations", with Covestro saying it will provide Abu Dhabi National Oil Co with due diligence information after it made a 62 euros per share offer.
- Simply Wall St.
Investors in Covestro (ETR:1COV) have seen returns of 28% over the past year
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