US Markets
APO

Covestro denies it is in takeover talks with Apollo

Credit: REUTERS/WOLFGANG RATTAY

German plastics maker Covestro rejected a report on Friday that it was in takeover talks with private equity firm Apollo Global Management.

Adds shares, background

MUNICH, Sept 18 (Reuters) - German plastics maker Covestro 1COV.DErejected a report on Friday that it was in takeover talks with private equity firm Apollo Global Management APO.N.

Shares in the blue-chip company were trading up 6.1% by 0723 GMT, having risen as much as 11% in pre-market trade following a Bloomberg report that Apollo was exploring a takeover.

"We are not in takeover talks with Apollo," spokesman Lars Boelke said. "We are regularly in talks with various market participants about strategic opportunities."

Apollo could not immediately be reached for comment.

Shares in Covestro, which was spun out from Bayer BAYGn.DE in 2015, have shed more than half of their value since hitting a peak in February 2018.

It had a market value of 8.14 billion euros ($9.64 billion) as of Thursday's market close, Refinitiv Eikon data showed.

The company told Reuters last month it was on track for better-than-expected earnings in the third quarter as stay-at-home workers' appetite to upgrade their mobile devices and furniture drives demand for the company's materials.

(Reporting by Alexander Huebner; writing by Caroline Copley; editing by Riham Alkousaa and Jason Neely)

((Caroline.Copley@thomsonreuters.com; +49 (0)30 2201 33584 ;))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

In This Story

APO

Latest Markets Videos

Reuters

Reuters, the news and media division of Thomson Reuters, is the world’s largest international multimedia news provider reaching more than one billion people every day. Reuters provides trusted business, financial, national, and international news to professionals via Thomson Reuters desktops, the world's media organizations, and directly to consumers at Reuters.com and via Reuters TV.

Learn More