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Germany's Covestro ends share buyback amid takeover talks with ADNOC

Published 26/10/2023, 19:05
© Reuters. FILE PHOTO: Flags with the logo of German chemicals maker Covestro flutter in the wind near its headquarters in the so-called industrial park "Chempark" of the chemical industry in Leverkusen, Germany, September 28, 2023. REUTERS/Wolfgang Rattay/File Phot

FRANKFURT (Reuters) - Germany's Covestro, the plastics and chemicals maker that is in talks with suitor Abu Dhabi National Oil Company (ADNOC) over a takeover approach, said on Thursday it had ended a share buyback program ahead of schedule.

Covestro, whose buyback of 200 million euros ($210.96 million) falls short of the originally intended 500 million euros, cited "the current overall situation."

Covestro shares have risen sharply since June, when news of ADNOC's approach became public.

($1 = 0.9480 euros)

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