German chemical giant Covestro is set to exit Germany's prestigious DAX index following a successful takeover bid by UAE's state-owned oil company XRG (formerly ADNOC). The departure, scheduled for December 27, comes as XRG secured over 91% of Covestro's shares, reducing the free float to below 10% - a critical threshold for DAX membership. The vacancy will be filled by dialysis specialist Fresenius Medical Care. Covestro's stock has shown remarkable performance this year, trading close to XRG's offer price of 62 euros per share, with a 52-week high of 58.50 euros.
Operating Performance
Despite the impending index changes, Covestro has demonstrated resilient operational results. The company posted earnings of 0.17 euros per share in the third quarter of 2024, marking a significant improvement from the previous year. Revenue reached 3.60 billion euros, showing modest growth. While analysts maintain an average price target of 60.33 euros, they anticipate a moderate dividend distribution for the current fiscal year, though projecting an overall annual loss.
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Covestro Stock: New Analysis - 21 DecemberFresh Covestro information released. What's the impact for investors? Our latest independent report examines recent figures and market trends.
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