DAX group: Covestro before takeover by oil company from Abu Dhabi

DAX group: Covestro before takeover by oil company from Abu Dhabi

DAX group
Covestro before takeover by oil company from Abu Dhabi






An Arab state-owned company takes over the majority of the Leverkusen plastics manufacturer. Official approval is still missing, but the support of the top management is already certain.

The plastics manufacturer Covestro is most likely in Arab hands. The oil company Adnoc was offered almost 70 percent of the shares in the German group as part of its takeover offer. The DAX-listed company and the state-owned company from the United Arab Emirates announced this on Monday in Abu Dhabi and Frankfurt. This significantly exceeded the offer’s minimum acceptance threshold of 50 percent plus one share. In October the shareholding was given as 8.5 percent. However, the official approvals are still pending, according to the information. Covestro’s top management supports the offer.

Shareholders who have not yet offered their shares can accept the offer until December 16th, it said. The Arabs are offering 62 euros per Covestro share. Most recently, the price was slightly below this bid at 57.72 euros.

The listed shares of the Leverkusen company are valued at 11.7 billion euros in Adnoc’s offer. The Abu Dhabi company also wants to buy new shares worth almost 1.2 billion euros from the Leverkusen company through a capital increase. Together with Covestro’s debts of around three billion euros, this all adds up to around 16 billion euros for Adnoc.

dpa

Source: Stern

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