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Covestro Stock Up After Report Of Apollo Global Exploring Takeover

Shares of Covestro (CVVTF.PK,COVTY.PK) were gaining around 6 percent in the early morning trading in Germany after Bloomberg reported that buyout firm Apollo Global Management Inc. is exploring a takeover of the specialty chemicals company.

The report, citing people with knowledge of the matter, said the New York-based investment firm contacted Covestro in recent weeks. Deliberations are at an early stage, and there's no certainty they will result in a transaction, Bloomberg noted.

Covestro, which was part of drugmaker Bayer AG, was spun out in an initial public offering in October 2015. The company currently has a market value of 8.71 billion euros.

In Germany, Covestro shares were trading at 47.41 euros, up 6.13 percent.

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