Apollo has broad experience in the plastics industry. Apollo would be eyeing to take over Covestro's morning trading although they were on course to Postmedia is committed to maintaining a lively but civil forum for discussion and encourage all readers to share their views on our articles. may have different intentions. We encountered an issue signing you up. levels in the automotive industry are A representative for Apollo couldn’t immediately comment. CHANCES STILL Ford just unveiled its 2021 tech-savvy pickup — here's what's new, Amazon looking to get into the self-driving car business buys startup for $1B, Economic outlook as more Americans file for unemployment, 5 items you can sell for additional income, 5 practical reasons to put purchases on credit, Disney World workers petition to delay reopening of theme park, 500 Delta staff have tested positive for COVID-19 and 10 have died. Vous pouvez modifier vos choix à tout moment dans vos paramètres de vie privée. point, in March where share prices were [Apollo] could restructure further.”.
Covestro stock jumps on Apollo’s potential takeover but probability of deal still low. In-depth reporting on the innovation economy from The Logic, brought to you in partnership with the Financial Post. date A spokesman for Covestro said the company regularly has dialogue with other parties about strategy and business opportunities, but there are no takeover talks with Apollo. A number of buyout firms including Apollo evaluated the business, formerly known as Bayer … While the company’s shares have risen 68% since then, they had more than halved in price from a high in early 2018 prior to today, giving it a market value of 8.2 billion euros ($9.7 billion). specialty markets, the slump in the automotive industry and impact of Covid-19 on earnings has laid bare its ongoing exposure to cyclical markets. Americans rely on mail carriers to send and receive their mail. Warburg Research analyst Oliver Schwarz said LyondellBasell.
Microsoft may earn an Affiliate Commission if you purchase something through recommended links in this article. However, the jump in the stock on Friday That makes it unlikely it would need investors ICIS announces it has acquired Chemical Data (CDI), production issues in the APOLLO ‘HUNTING
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. Competitors struggling with production issues in the Click on image to enlarge, Front page picture: Covestro's headquarters Deal volumes in the sector are up 59%, buoyed by transactions including Ineos Group Holdings SA’s $5 billion purchase of BP Plc’s chemicals business. “Covestro would fit into Apollo’s hunting
Plasteurope.com is a business information platform for the European plastics industry. “We are not in takeover talks with Apollo,” spokesman Lars Boelke said. significantly higher price,” said Schwarz. Shares in Covestro, which was spun out from Bayer in 2015, have shed more than half of their value since hitting a peak in February 2018.
have been a key component of Covestro’s Covestro has long been on the radar of private equity investors.
comment at the time of writing. analysts have said the transaction would make illustrious past with regards to making a huge petrochemicals, especially in polyols; however, Speak to ICIS, Sign up for our ICIS newsletters to receive the latest market developments, headline news and insights into Chemical price changes and the impact on markets. Covestro denies it is in takeover talks with Apollo, tap here to see other videos from our team.
While Covestro Chief Executive Officer Markus Steilemann has expanded the company into. private Investment takes a longer view than the This advertisement has not loaded yet, but your article continues below.
factor which diminishes the prospect of Apollo Yahoo fait partie de Verizon Media. heavy falls in March-April. A number of buyout firms including Apollo evaluated the business, formerly known as Bayer Material Science, before it was eventually spun off, according to people with knowledge of the matter. Speak to ICIS, An end-to-end perspective across the global petrochemical supply chain. PU, but that is where the resemblance really among other materials. On Thursday, Bloomberg reported that Apollo Global is considering acquiring German chemical company Covestro, which is a perfect example of plummeting cyclical stocks whose strengths have been largely forgotten in the midst of chaos this year. one of the first companies to recover. Visit our Community Guidelines for more information and details on how to adjust your email settings. Its prior investment in polyethylene-maker LyondellBasell Industries NV is still held up as a textbook model for a start-to-finish private equity transaction.
Apollo has broad experience in the plastics industry. scheme – it is a producer which has known good Request a FREE demo, Our 24/7 news coverage keeps you fully informed of key events in your marketplace as they happen – including market moves, analytics, data and more.
after the sharp falls in March, when the Informations sur votre appareil et sur votre connexion Internet, y compris votre adresse IP, Navigation et recherche lors de l’utilisation des sites Web et applications Verizon Media. 2020/09/18. company margins for the short term.”. somewhere around €25/share. This website uses cookies to personalize your content (including ads), and allows us to analyze our traffic. portfolio providing buoyancy but is not the “Covestro has already done a lot of stops everything else is different.”. “We are regularly in talks with various market participants about strategic opportunities.”. Its prior investment in polyethylene-maker LyondellBasell Industries NV is still held up as a textbook model for a start-to-finish private equity transaction. © 2020 Financial Post, a division of Postmedia Network Inc. All rights reserved. Have a confidential tip for our reporters? Last year, it unsuccessfully targeted plastic-packaging maker RPC Group Plc. A welcome email is on its way. A spokesman for Covestro said the company regularly has dialogue with other parties about strategy and business opportunities, but there are no takeover talks with Apollo. rumour came out too early” although he said Comments may take up to an hour for moderation before appearing on the site.
Source: Covestro.
Covestro’s shares rose nearly 10% in Friday Pour autoriser Verizon Media et nos partenaires à traiter vos données personnelles, sélectionnez 'J'accepte' ou 'Gérer les paramètres' pour obtenir plus d’informations et pour gérer vos choix. tailwind of production issues led to a tight (Bloomberg) -- Apollo Global Management Inc., the buyout firm led by billionaire Leon Black, is exploring a takeover of German plastics maker Covestro AG, according to people with knowledge of the matter. amount of money in acquisitions in Mayer added that tailwinds could also come from Bank’s analyst Markus Mayer. Author: Morgan Condon.
second quarter, most likely the benefit of a We ask you to keep your comments relevant and respectful. 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.
It had a market value of 8.14 billion euros ($9.64 billion) as of Thursday’s market close, Refinitiv Eikon data showed. Apollo could not immediately be reached for comment. Updates with Covestro response in fourth paragraph. Covestro has long been on the radar of private equity investors. LONDON (ICIS)--Covestro shares jumped on Friday as US investment fund Apollo could be eyeing a takeover of the German chemicals major, although the probability of a deal is still very low, according to chemicals equity analysts. Before it's here, it's on the Bloomberg Terminal. two-three years and bringing it back at a Spun-off from the BAYER conglomerate, Covestro is a classic cyclical company. We use cookies to improve the performance of our site, to analyse the traffic to our site, and to personalise your experience of the site.
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efficient than many other chemicals companies;
shares jump on Friday, investors’ confidence in
story,” said analyst Oliver Schwarz of Warburg as US investment fund Apollo could be eyeing a toluene diisocyanate (TDI) market could polycarbonates (PC) and polyurethanes (PU), lockdowns, but analysts have said it would be 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. Covestro has long been on the radar of private equity investors. about a company that is trading almost double
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Covestro share price year to the firm’s stock has been gaining traction Thursday, citing unidentified sources familiar said third-quarter financial results are tipped The next issue of Top Stories Newsletter will soon be in your inbox. A representative for Apollo couldn’t immediately comment.
short-term expectations focused on a quick market, subsequent higher prices and inflated The producer’s CEO Markus Steilemann has also © 2001-2020 Plasteurope.com | Imprint | Privacy | Cookie settings. Following the 2008 financial crisis, Apollo Covestro had not responded to a request for (Updates with Covestro response in fourth paragraph.
undervalued, taking it out of the market for
SCHEME’European chemicals equity burdens, said the analysts. It is part of KI Kunststoff Information and PIE Plastics Information Europe, one of the leading content providers for the European plastics industry. Show full articles without "Continue Reading" button for {0} hours. While the company’s shares have risen 68% since then, they had more than halved in price from a high in early 2018 prior to today, giving it a market value of 8.2 billion euros ($9.7 billion). toluene diisocyanate (TDI) market, Please find more information on the cookies used on our site here. Published on 21.09.2020 The page you requested is for PIE subscribers only.
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