Covestro announced this on Monday. There had been informal talks between the two sides for months. These had shown “that a common basic understanding with Adnoc on key core issues of a possible transaction, including support for Covestro’s further growth strategy, can be reached in principle,” it now says. Adnoc is the second largest shareholder in OMV after the state holding company Öbag.
The agreed negotiations between Adnoc and Covestro are based on a possible offer price of 62 euros per share, which is subject to, among other things, the results of the in-depth review of Convestro’s books (confirmatory due diligence) and the agreement on an investment agreement. At 62 euros per share, this would result in a total price of around 11.7 billion euros.
Reports indicate that 60 euros per share had previously been offered informally. Bloomberg recently reported that Adnoc was prepared to dig deeper into its pockets, but without giving a specific new figure. Covestro shares have already shot up recently. On Monday morning there was a further increase of 6.25 percent to 54.44 euros.
Borealis-Borouge deal still open
OMV itself is also in talks with Adnoc. It has been negotiating for months about a joint venture between its chemical subsidiary Borealis and the Adnoc subsidiary Borouge. The aim is to merge the chemical subsidiaries under “equal partners”, said OMV CEO Alfred Stern recently.
My themes
For your bookmarked topics
new articles found.
info By clicking on the icon you add the keyword to your topics.
info
By clicking on the icon you open your “my topics” page. You have of 15 keywords saved and would have to remove keywords.
info By clicking on the icon you remove the keyword from your topics.
Add the topic to your topics.
Source: Nachrichten
