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...That marks an increase from June when it offered €55 per share, which at the time equated to a 40 per cent premium from Covestro’s undisturbed share price.Covestro’s chief executive Markus Steilemann said...
...the state-owned Middle Eastern oil group is pursuing as it seeks to diversify its revenues by pushing deeper into the petrochemical sector.Adnoc has also pursued a deal with the German chemical company Covestro...
...This might explain reports that Abu Dhabi’s Adnoc has made a preliminary €13.5bn offer for Germany’s Covestro....
...Covestro and representatives for Adnoc both declined to comment....
...“The sharp rise in energy and raw material prices during the year, especially in Europe, put a strain on the company,” Covestro said....
...German chemical company Covestro recently rebuffed a €13bn approach from Adnoc, but people familiar with the matter have said that Covestro did not rule out further engagement.By combining Adnoc’s chemical...
...That looks high compared with peers such as fellow German Covestro at 2 times, or Britain’s Croda with net debt at about half this year’s expected ebitda....
...Shares in other German industry groups including Covestro AG, Evonik Industries and BASF rose between 3 and 5 per cent....
...Chemicals company Covestro, a spin-off of longstanding blue-chip Bayer, will avoid relegation for now....
...After a successful pilot in Europe, German plastics group Covestro is implementing an advanced system at the complex....
...Last year, banking giant Commerzbank made way for fintech firm Wirecard, while media group ProSiebenSat. 1 lost its Dax position to chemicals firm Covestro....
...Both BASF and Covestro, the Bayer spin-off that also warned about its outlook in late October, should eventually benefit from lower costs....
...Two years later, the share price of Covestro, the plastics unit of German chemicals company Bayer, doubled within its first year as an independent company, trouncing Bayer’s performance....
...A decade after that it spun off its plastics division as Covestro. One option could be to spin off agrochemicals or healthcare activities into a separate company....
...container company AP Moller-Maersk is offloading its energy businesses to concentrate on transport and logistics, while German pharmaceuticals and chemicals group Bayer spun off its plastics division, Covestro...
...Quarterly net earnings fell sharply, however, from €1.22bn in 2017 to €799m this year, largely reflecting the spin-off of Covestro, Bayer’s material science division....
...Covestro shares have already climbed more than one-third in the past 12 months....
...“Covestro is first European chemical company to announce a share buy-back in the last five years,” said Geoff Haire, UBS analyst....
...Also, Bayer made more from selling down its stake in plastics maker Covestro than initially envisaged....
...Many of the biggest German listings of recent years have been carved out of existing companies: think Innogy, Uniper, Covestro and Ceconomy....
...It said it aimed to achieve “full separation” from Covestro “in the medium term”....
...Quarterly net income was impacted significantly by a €2.8bn special gain from the sale of Covestro, Bayer’s materials science division. It jumped from €1.19bn last year to €3.88bn in 2017....
...Bayer sold down its stake in Covestro last month from 64 per cent to 53 per cent....
...Bayer has recently reduced its stake in Covestro as part of financing for its Monsanto takeover, which it has said it planned to fund by raising $19bn in new equity and $38bn of debt....
...The rise in Covestro’s share price has boosted the value of Bayer’s remaining stake in the plastics maker....
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