for-phone-onlyfor-tablet-portrait-upfor-tablet-landscape-upfor-desktop-upfor-wide-desktop-up
Deals

Shares in plastics maker Covestro up 10% on takeover report

BERLIN (Reuters) - Shares in German blue-chip company Covestro 1COV.DE rose by 9.9% in early trade on Friday after Bloomberg reported private equity firm Apollo Global Management APO.N was exploring a takeover of the plastics maker.

The talks are at an early stage and there is no certainty they will result in a deal, the report said.

“Apollo has broad experience in the plastics industry with a prior investment in LyondellBasell and unsuccessful aim to takeover RPC Group Plc, so story seems very likely,” a local trader said.

Apollo and Covestro did not immediately respond to Reuters requests for comment.

Reporting by Thomas Seythal; Editing by Riham Alkousaa

for-phone-onlyfor-tablet-portrait-upfor-tablet-landscape-upfor-desktop-upfor-wide-desktop-up