Many investors believe an agreement is very likely after official talks have begun with Adnoc.
(Photo: AFP/Getty Images)
Düsseldorf, Frankfurt The takeover talks between the plastics manufacturer Covestro and the Arab oil company Adnoc are attracting speculative investors. According to financial circles, several hedge funds have now joined Covestro. Others are likely to join in, and activist funds are also closely monitoring the situation.
This shows that many investors believe an agreement is very likely after official talks have begun. According to the circles, they expect a significant premium to the current share price, which is 53 euros. So far, according to insiders, Adnoc is willing to pay 60 euros per share, which would value Covestro at 11.6 billion euros.
There is lively speculation on the financial market about the final offer price, with some expecting 63 euros per share, others 70 euros. Hedge funds are known for interfering in takeover negotiations in order to get better prices. Pressure from investors is also seen as an important factor as to why Covestro opened up to takeover talks after much hesitation.
Adnoc offer: scope for increases is limited
Read on now
Get access to this and every other article in the
Free online and in our app for 4 weeks.
Further
Read on now
Get access to this and every other article in the
Web and in our app.
Further