Deal done: Citi downgrades Covestro to 'neutral'
04/10/2024 08:04
** Citi downgrades German chemicals maker Covestro 1COV.DE
to "neutral" from "buy" after Abu Dhabi's ADNOC said on Tuesday
it would buy the firm for 14.7 billion euros ($16.22 billion)
** Citi sees no hurdles to the deal, but notes that closing
is expected only for the second half of 2025
** "Accordingly, the current 6% discount to the offer price
seems sensible and is insufficient to warrant maintaining a Buy
rating," it adds
($1 = 0.9065 euros)
(Reporting by Louis van Boxel-Woolf)
((louis.vanboxel-woolf@thomsonreuters.com))