January 16, 2020 / 9:22 AM / 13 days ago

Covestro says suitable takeover targets are rare, asset prices high

FILE PHOTO: The logo of German chemicals maker Covestro is pictured outside its headquarters in Leverkusen, Germany, July 26, 2019. REUTERS/Wolfgang Rattay

DUESSELDORF, Germany (Reuters) - German chemicals and plastics maker Covestro’s (1COV.DE) chief executive said it was still hard to carry out takeover deals that create value amid stubbornly high asset prices.

“It remains difficult to find targets that not only fit but can also be acquired in a way that adds value,” CEO Markus Steilemann told journalists at an event, adding that asset prices relative to earnings were too high on average.

Reporting by Tom Kaeckenhoff; Writing by Ludwig Burger; Editing by Michelle Martin

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