It’s “very pleasing” that Covestro has entered into negotiations with Adnoc, Union Investment portfolio manager Arne Rautenberg said in an emailed statement Monday. The move is a “good sign” showing that management is acting in the best interests of shareholders, he said.
It will be important to evaluate both the offer price as well as plans on the future strategic direction, guarantees on company location and other issues, Rautenberg said. Shares of Covestro rose as much as 5% in Frankfurt trading Monday.“Adnoc welcomes Covestro’s decision to enter into discussions about a potential transaction and we look forward to a constructive engagement,” an Adnoc spokesperson said in an emailed statement Monday.
The decision to entertain Adnoc’s takeover approach paves the way for Covestro executives to begin detailed negotiations. It comes after weeks of discussions between the companies’ advisers over a potential deal that could value the firm at €11.6 billion or more. In addition to price, Adnoc has been trying to address Covestro’s other concerns about a transaction, including how it would help the German company’s management develop the specialty chemical operations, Bloomberg News reported previously.
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