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By Mauro Orru
German chemicals manufacturer Covestro said it had opted to enter into talks over a potential takeover by Abu Dhabi National Oil Co., coming on the record after weeks of speculation that the two companies were negotiating a deal.
Covestro made the announcement late Friday, hours after Bloomberg reported that its supervisory board was meeting to discuss the possibility of entering into formal talks with the state-owned Emirati oil giant.
Covestro shares jumped more than 10% in Friday afternoon trading after the report, which suggested the Emirati company was valuing Covestro at 11.6 billion euros ($12.41 billion). Covestro’s market capitalization stood at EUR9.95 billion on Friday.
“Whether, in which form and, if applicable, at which conditions an agreement between the parties will be reached is open and will depend on the course of the forthcoming discussions,” Covestro said in a statement.
Write to Mauro Orru at [email protected]; @MauroOrru94
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