COVESTRO AG O.N. WKN: 606214 ISIN: DE0006062144 Kürzel: 1COV Forum: Aktien Thema: Hauptdiskussion

WILL THE PRICE BE RIGHT? Crucially, Covestro has this week begun polling shareholders on what they would deem an acceptable offer price. MEES soundings indicate that a figure somewhat above Adnoc’s €60/share but not much more than €65/share is likely, down from previous expectations that Covestro management would push for a figure closer to €70/share. One source suggested that Covestro has acknowledged that its mid-term earnings guidance is unrealistic and needs to be pushed back by a few years, and that a lower valuation is therefore required. A figure in the mid €60s would likely prove acceptable for Adnoc, enabling a deal to be closed in 2024. Covestro’s share price was trading at around €49 as MEES went to press, and a final price of €65 would value the firm at around €12.5bn. Under Adnoc’s planned takeover, the Abu Dhabi state energy giant would invest around $8bn to finance Covestro’s plans to future-proof the business amid the energy transition, though details on how this would be invested remain extremely limited. Indeed, shareholders in the German firm have been surprised that Adnoc did not present a more detailed plan regarding capital projects, and there remains no clarity regarding the timescale of this work. A spokesperson for Adnoc previously stated in September that “Adnoc welcomes Covestro’s decision to enter into discussions about a potential transaction and we look forward to a constructive engagement.” The firm did not provide any comment on subsequent developments. The UAE's leadership has built a strong relationship with its German counterparts, as was highlighted on the opening day of Cop28. In a post on social media, Germany's Foreign Office stated "What a start at Cop28: Germany and UAE kickstarted contributions to the Loss And Damage fund with 100 million dollars each."

Adnoc-Covestro Talks Set To Enter Next Phase In 2024 1 Dec 2023Issue: 66 / 48By:Jamie Ingram German chemicals firm Covestro has started polling shareholders on what price they might accept from Adnoc as takeover talks look poised to enter a new phase in early 2024. Adnoc’s planned purchase of German chemicals firm Covestro appears to be gaining traction. Background talks have been ongoing between executives since the two firms entered into “open-ended discussions” in September (MEES, 15 September), and appear poised to enter a more formal phase following the conclusion of the Cop28 talks in Dubai. The bid is a core element of Adnoc’s ambitious international expansion strategy, especially with the outbreak of the Gaza conflict stalling a planned joint bid with BP for Israeli upstream firm NewMed (MEES, 6 October). Adnoc is on the hunt for additional chemicals capacity through a combination of organic growth and acquisitions. As well as the planned purchase of Covestro, Adnoc is looking to purchase a stake in Brazilian firm Braskem, while talks are also ongoing with Austria’s OMV over merging their Borealis chemicals venture with the Adnoc/Borealis Borouge joint venture in a move which would greatly simplify the combined entity’s corporate structure (MEES, 3 November). While Adnoc is looking to aggressively expand its chemicals capacity, MEES understands that the Abu Dhabi firm intends to maintain acquired firms as discrete entities. Indeed, a key element of Adnoc’s pitch for Covestro is that it will retain the firm’s industrial facilities in Germany. Politicians and trade unions have been reassured that Adnoc won’t be looking to move jobs overseas. COVESTRO POLLS SHAREHOLDERS News first emerged that Adnoc had submitted a proposal of around €50/share for Covestro in June, and Covestro subsequently agreed to enter into discussions in September after Adnoc raised this to around €60/share. Since then, observers have been anxiously looking for signs of progress. While the German authorities and Covestro’s board are seen as generally favorable to the takeover, the key stumbling block has often been seen to be CEO Markus Steilemann (MEES, 27 October), but such concerns are now easing. Talks have continued behind the scenes since September, including with periodic face-to-face meetings. A source close to proceedings noted this week that there remained differences on key matters but that none of this was insurmountable. “The [German] government seems to be amenable to the deal, as should shareholders, so I struggle to see why this doesn’t eventually get signed, but patience is certainly a virtue,” noted another source. MEES understands that Covestro’s management and Investor Relations department stepped up discussions with shareholders on the takeover talks this week, with sources optimistic that the firm is preparing to enter formal discussions. Management reiterated during discussions that there was no engagement with Adnoc prior to 8 September and that preliminary discussions were always going to take several months.

Adnoc hat ein fördervolumen von 4.500.000 Barrel am Tag. Dass ein Deal am Geld scheitern sollte kann ich mir ehrlich gesagt nicht vorstellen. Die wertschöpfungskette wird sinnhaft und ziemlich günstig langfristig verlängert, wenn es zu einer Übernahme kommen sollte

Äh hallo mich auch nicht. Spinnen die... ich bin doch grossaktionär 🤭

Scheint jetzt tatsächlich konkreter zu werden, wobei mich noch keiner gefragt hat, welchen Kurs ich akzeptieren würde ;-) (Artikel ist hinter einer Bezahlschranke und man kann nur bei der Erstregistrierung einen Artikel umsonst lesen, die habe ich aber schon durch, vielleicht kann sich ja jemand anderes registrieren und den kompletten Artikel posten): "German chemicals firm Covestro has started polling shareholders on what price they might accept from Adnoc as takeover talks look poised to enter a new phase in early 2024. Adnoc’s planned purchase of German chemicals firm Covestro appears to be gaining traction. Background talks have been ongoing between executives since the two firms entered into “open-ended discussions” in September (MEES, 15 September), and appear poised to enter a more formal phase following the conclusion of the Cop28 talks in Dubai. The bid is a core element of Adnoc’s ambitious international expansion strategy, especially with the outbreak of the Gaza conflict stalling a planned joint bid with BP for Israeli upstream firm NewMed (" https://www.mees.com/2023/12/1/corporate/adnoc-covestro-talks-set-to-enter-next-phase-in-2024/fc4a1570-9048-11ee-ba79-472a600ce16c#article-free-trial-form

Vermute mal sehr stark das Banken Call Optionen eingekauft haben, dann Aktien gekauft haben um dann ihre Call Optionen zu beenden. Daher der Kurssprung. Handelsvolumen war am Vortag sehr hoch. 30.11 = 1,2 Millionen im Orderbuch bei Xetra 01.12 = 1,8 Millionen im Orderbuch bei Xetra Plus die Calls beenden + die Fantasie das die Übernahme kommt ergibt dieses Ergebnis. Montag geht denke ich runter.

Ich denke der Kurs läuft bis 64 dann kommt die Meldung (no deal) und dann kommt wieder der grosse Abverkauf... so läuft das spielchen seit jahren... 🙈🤭 Aber diesmal muss ich einen Teil bei 64 raushauen..

Oder die kommenden zahlen werden einfach besser als 2023 und der kurs nimmt es vorweg... .. sche.iss egal... Wichtg wäre ein Deal bei 75..

vielleicht Windowdressing, gehört Covestro zu den Jahresgewinnern 2023 von ca. 36,70 auf über 50, so was hat man gern im Depot? Oder was ganz anderes heute ist fast alles in die Höhe geschossen nach 15.30 Uhr.

Hier ist was im Busch.

Oder es gibt steuerliche Gründe den Deal noch 2023 dieses Jahr zu fixieren... Merkwürdig ist dieser Nachrichtenlose 5% Anstieg schon....

Ich drück uns die Daumen. Aber vllt. dauert es auch noch ein paar Monate, weil Adnoc den Deal (erst) zusammen mit der Wintershall-Übernahme bekannt geben will, weil es so spektakulärer wirkt. Oder es kommt am Ende alles doch ganz anders...

Wenn ich ne Wette eingehen müsste. Heute nach Börsenschluss kommt die Meldung...

Kann schon sein sein. Aber es darf nicht auffallen. - sonst haben die ein nicht so ganz kleines Problem.

Ich bin der Meinung, dass es in diesem Geschäft Leute gibt, die mehr Informationen haben als andere ... und diejenigen, die mehr Informationen haben, wissen, dass die Operation durchgeführt wird, und sie wollen so viele Aktien wie möglich ergattern.

es kann eigentlich nur an der Aufstockung liegen, dass der Kurs ein Stück hoch geht. Bei anderen klaren Anzeichen für eine Übernahme wäre der Kurs doch hoch geschossen. Aber immerhin !