Covestro: Takeover Approach, Still Neutral

Jun. 27, 2023 2:24 AM ETCovestro AG (COVTY) Stock, CVVTF Stock1 Comment
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Mare Evidence Lab
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Summary

  • Covestro rejects ADNOC's proposed valuation of €50 per share, considering it too low.
  • ADNOC aims to acquire Covestro to reduce long-term exposure to oil and gas and benefit from its sustainability initiatives.
  • Negotiations remain open; however, we believe that Covestro is now fully priced in.

Covestro buildings and plant, Antwerpen, Belgium

ClaudineVM

Following the latest news on Covestro (OTCPK:CVVTF)(OTCPK:COVTY), it is essential to review our latest investment thesis and comment on the potential acquisition from Abu Dhabi National Oil Company (ADNOC). Before commenting on Covestro, we should say that Germany

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