German chemicals firm Covestro released its Q3 results on 27 October, unveiling a 22.7% year-on-year drop in sales to €3.6bn amid “a persistently difficult market environment.” CEO Markus Steilemann said of the performance that “again, there was no significant revival of the economic activity in the third quarter, with global demand remaining at a very weak level.” Newly appointed CFO Christian Baier noted that “the outlook for our core industries has deteriorated further, with the exception of the automotive industry.”
Amid this, the firm announced the early termination of its share buyback program, having executed just €199mn of the intended €500mn program. Covestro is currently in talks with Abu Dhabi state energy giant Adnoc, which is offering €60/share for the German firm (MEES, 6 October). (CONTINUED - 293 WORDS)