recently, according to relevant sources, has rejected abu dhabi national oil company (adnoc)'s preliminary takeover bid, citing the offer as "too low".
adnoc recently proposed to a project worth more than 10 billion euros (110 billion), the emirati company's offer includes a price per share of around 55 euros. in this regard, believes that the proposed valuation is insufficient to provide a basis for further negotiations.
however, also stated that if adnoc can provide better conditions, may further consider discussing a potential deal with it. the sources added that adnoc plans to assess the chemical company's response before taking the next step to acquire .
a takeover offer of around 55 euros per share would beat ’s recent transaction price that's nearly 40 percent more, in line with the premium levels typically offered by german listed companies. however, it is not uncommon for a first offer to be rejected. some research analysts have price targets as high as 64 euros, according to data compiled by bloomberg.
on thursday, shares rose 3.7 percent to almost three highest level in a month. among them, at 12:58 frankfurt time on the same day, the stock price rose by 1.8%, bringing the company's market value to 9.3 billion euros.
for ’s move, union investment fund manager arne rautenberg said: “ xtron is a very well-positioned cyclical company, and its current valuation is cheap, and whether to accept such an offer is likely to be a matter of price.”
adnoc plans to increase its production capacity of crude oil, natural gas, chemicals and low-carbon energy. according to analysis by ubs, will help adnoc reduce its long-term oil and gas risks while benefiting from 's sustainable development initiatives. however, synergies will be limited as adnoc is not a large producer of 's key raw materials and major cost savings from overlapping production or logistics are unlikely.
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