FRANKFURT (dpa-AFX) - The fantasy of a takeover at Covestro that emerged in early summer continues to fade. According to the "Handelsblatt" newspaper, talks between Covestro and the oil company Adnoc from Abu Dhabi have come to a standstill. As a result, the share price slipped by more than six percent at times on Friday afternoon to its lowest level since the beginning of July, when the fantasy of such a transaction was still fresh. Recently, the drop was put back into perspective to a good three percent.

Handelsblatt" reported on Friday that the latest purchase price offered to Adnoc had not brought the hoped-for breakthrough in the takeover plans. The Arabs would probably have to offer even more money. Covestro had shown itself to be open to a takeover in September and started talks with the Arabs. In December, it was then reported in circles that Adnoc had approached Covestro with an offer of EUR 60 per share.

Spurred on by the fantasy of a transaction, the Covestro share price reached its highest level since February 2022 at EUR 54.70 shortly before Christmas. Since then, however, the share price has fallen again by more than 15 percent./tih/jha/