According to media reports, Covestro has now received a higher takeover offer from Adnoc, the state-owned oil company from Abu Dhabi. Speculation about this continues, with Covestro shares leading the DAX.
Sunshine for the chemical sector today!Already yesterday, the sun shone over the German chemical industry - at least for the major shares. Shares in the giant BASF (€47 | DE000BASF111) rose significantly despite the latest profit warning. In principle, dark clouds are hanging over the industry, which is, after all, particularly sensitive to the economic situation. And as is well known, the market is concerned about the state of the economy in both China and the USA.
New speculation? Covestro facing takeover?But today that is not an issue for Covestro shares (€49.50 | DE0006062144). In the morning, it led the DAX with a gain of more than five percent. This was due to media reports that the Abu Dhabi National Oil Company, or Adnoc, had increased its takeover offer to €57 per share. This is two Euros more than at the beginning of the month. At that time, Bloomberg had reported that the Arabs were seeking a takeover. A Covestro spokesman declined to comment ...
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