FRANKFURT (dpa-AFX) - A media report on Tuesday fueled speculation about a possible takeover of Covestro by Abu Dhabi National Oil (Adnoc). Shares in the German plastics group soared 3.5 percent at their peak. Most recently, they were up 1.5 percent at 49.51 euros. This made them one of the biggest winners on the Dax. The German benchmark index rose moderately.

According to the Frankfurter Allgemeine Zeitung, Covestro is being advised by U.S. bank Goldman Sachs on the Adnoc offer, which is still under consideration but not yet official. Adnoc, in turn, has mandated the ex-banker Klaus Frohlich from the US bank Morgan Stanley.

Recently, the news agency Bloomberg had reported with reference to informed persons that Adnoc had raised its bid for the Dax group to 57 euros per share. Covestro had rejected this informal offer as too low, but had signaled a willingness to talk in principle./la/he