Covestro Stock Up After Report Of Apollo Global Exploring Takeover

(RTTNews) - Shares of Covestro (CVVTF.PK, COVTY.PK) were gaining around 6 percent in the early morning trading in Germany after Bloomberg reported that buyout firm Apollo Global Management Inc. is exploring a takeover of the specialty chemicals company.

The report, citing people with knowledge of the matter, said the New York-based investment firm contacted Covestro in recent weeks. Deliberations are at an early stage, and there's no certainty they will result in a transaction, Bloomberg noted.

Covestro, which was part of drugmaker Bayer AG, was spun out in an initial public offering in October 2015. The company currently has a market value of 8.71 billion euros.

In Germany, Covestro shares were trading at 47.41 euros, up 6.13 percent.

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

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