Abu Dhabi National Oil Co (ADNOC) has verbally signalled to Covestro that it could raise its informal offer to 60 euros per share if the German plastics and chemicals maker agrees to enter formal talks, two people familiar with the matter told Reuters.
Logos of ADNOC are seen at Gastech, the world's biggest expo for the gas industry, in Chiba, Japan, April 4, 2017. REUTERS/Toru Hanai/File Photothat it could raise its informal offer to 60 euros per share if the German plastics and chemicals maker agrees to enter formal talks, two people familiar with the matter told Reuters.The indication of a raised offer is, however, not in writing, the people cautioned, adding that Covestro will take time to consider any next steps.
ADNOC last raised its informal offer to 57 euros per share in July. Considerations are still in progress and no final decision has yet been made, the people said, speaking on condition of anonymity.Covestro shares jumped about 4.2% in a volume spike after Bloomberg News first reported that ADNOC was prepared to sweeten its offer.
An offer at 60 euros per share would represent a premium of around 29% to Covestro's closing share price on Friday.
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