The oil company Adnoc could initiate a compulsory severance payment for remaining shareholders at the Leverkusen-based plastics manufacturer Covestro next year.
The state-owned company from Abu Dhabi has reached the required control threshold for a squeeze-out under conversion law, as its subsidiary XRG announced. After the second tender period has expired, it controls 91.3 percent of Covestro’s share capital. After the first deadline it was almost 70 percent.
Various regulatory authorities around the world still need to give the green light for the offer to be completed. This is expected to continue in the second half of the year. In its October takeover offer, Adnoc expressly did not rule out an end to Covestro’s stock market listing and a compulsory compensation for the remaining shareholders. In its current announcement, XRG did not provide any information about whether this will now be implemented.
In addition, XRG has committed to a capital injection of 10 percent of the share capital for Covestro upon completion.
Covestro facing DAX expulsion
Adnoc from Abu Dhabi has now secured 91.3 percent of Covestro. According to the rules for the DAX, they now have to leave the German leading index within two trading days and, according to the latest ranking, will be replaced there by Fresenius Medical Care (FMC). Their place in the MDAX is now likely to be taken by Deutsche Wohnen, whose place in the SDAX will be taken by the shares of LPKF Laser.
On Thursday, Covestro shares were ultimately 0.49 percent higher at 57.00 euros in XETRA trading.
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