Covestro Aktie and Adnoc's Bold Move
Adnoc's Intriguing Offer for Covestro Aktie
The state-owned oil company Adnoc from the United Arab Emirates aims to acquire the German plastics company Covestro as was long anticipated. The offer of 62 euros per share positions Covestro at a total value of 11.7 billion euros. With a minimum acceptance threshold of 50 percent plus one share, Covestro has endorsed this offer.
Investment Agreement Details
Alongside the acquisition bid, Covestro has signed an investment agreement with Adnoc that extends until 2028. This move signifies a commitment to enhance the company's capital structure, proposing a 10 percent increase to the share capital through the issuance of new shares to the acquirer.
Market Response and Future Prospects
- Speculation regarding a potential buyout surfaced in mid-2023.
- Concrete acquisition negotiations commenced in June 2024.
- The Wall Street Journal reported on an imminent bid this week.
The Covestro Aktie experienced a surge of 3.5 percent on Tuesday morning, following a previous day’s close at nearly 56 euros.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.