Adnoc, an energy company based in Abu Dhabi, is seeking funding to acquire Covestro, a company that specializes in plastics. At the start of the week, the share price increased significantly. the current situation and what it entails for investors.
According to internal sources cited by Bloomberg on Monday, Adnoc may raise its informal bid for the Dax group from 57 to 60 euros per share.
This translates to a value of 11.6 billion euros.
According to reports, the oil giant is presumably expecting that the Leverkusen-based company would demonstrate its willingness to engage in negotiations with the higher offer.
Adnoc and Covestro have not yet shown a desire to remark on the situation. The board of management and supervisory board of the plastics specialist are reportedly considering their alternatives right now, according to Bloomberg. The DAX’s top daily gainer on Monday was Covestro stock, which saw a gain of over 4.5 percent.
Since 2022, Adnoc has owned a portion of the Austrian oil and gas conglomerate OMV.
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Markus Weingran, a stock analyst for wallstreetONLINE, remarks on the present state of the takeover poker, saying that “investors don’t really trust the roast yet.” “They exercise caution as long as no formal bid for Covestro is on the table. Although it is responding to the news, the share price is still well below the potential offer of 60 euros at slightly over 48 euros.
Weingran makes a prediction on the Adnoc offer’s likelihood of success in the Börsenlounge sample portfolio. Weingran clarifies whether or not this wager