Circles: Oil group Adnoc considers even higher offer for Covestro

LEVERKUSEN - In the takeover poker for plastics group Covestro, oil group Abu Dhabi National Oil (Adnoc) may want to dig deeper into its pockets, according to insiders. The Arab company has verbally held out the prospect of increasing the offer to 60 euros per share for the Dax group from Leverkusen, the news agency Bloomberg reported on Monday, citing people familiar with the matter. This corresponds to a total price of around 11.6 billion euros. Earlier, Adnoc had already increased the informal bid from 55 to 57 euros per share. Following the news, Covestro shares rose at times to as high as 50.64 euros and were most recently still up 4.7 percent at 48.65 euros.

ROUNDUP: IT service provider Nagarro with operating profit slump - share falls

MUNICH - IT service provider Nagarro increased sales in the second quarter, but earned significantly less due to disproportionately high personnel costs and weak capacity utilization. Last Friday, the management had already lowered its targets for 2023 again after the close of the stock exchange. Investors reacted disappointedly on Monday - the first trading day since the news became known: Nagarro shares lost almost nine percent shortly after the start of trading and were thus quoted at the level of January 2021.

ROUNDUP 2: Bilfinger again significantly increases profit - annual targets confirmed

MANNHEIM - High demand gave industrial services provider Bilfinger another boost in the second quarter. "Demand for our solutions in our core industries is stable at a high level, and in some areas it is continuing to increase," Executive Board Chairman Thomas Schulz said Monday, according to a statement. In particular, he said, the company is benefiting from growing markets in the field of energy transition. At the same time, Bilfinger is implementing its strategy and above all its efficiency program, he added. The company is on schedule with the restructuring in the United States, he added. The share price rose to €33.78.

ROUNDUP: TAG Immobilien makes loss in the first half of the year - annual targets remain unchanged

HAMBURG - TAG Immobilien, like the rest of the industry, is being hit by the significant rise in interest rates. Therefore, the group wants to reduce its debts by selling real estate. Due to the current difficult environment for real estate sales, the company devalued its portfolio. The bottom line was a loss in the three-digit million range. While the real estate group was able to earn more on rents in the first six months thanks to strong demand for housing, financing costs weighed on operating profit. The MDax group confirmed its annual targets for the current year. The stock lost around 2.5 percent in morning trading.

ROUNDUP: Truck supplier Jost burdened by exchange rates - share loses ground

NEU-ISENBURG - The truck supplier Jost Werke was noticeably slowed down in its growth in the past quarter by the stronger euro. Exchange rate effects consumed more than half of the increase in sales, as the company announced in Neu-Isenburg on Monday. By contrast, the company made more dynamic progress in terms of profitability. Group CEO Joachim Dürr confirmed the annual forecasts. The share price fell.

ROUNDUP: Talanx more optimistic after first half-year - share price rises

HANNOVER - Following a record profit in the first half of the year, the insurance group Talanx is raising the bar a bit higher for 2023. Group profit should exceed the targeted 1.4 billion euros in the current year, the insurer with the main brand HDI announced in Hannover on Monday. Chief Financial Officer Jan Wicke justified the fact that the Board of Management did not raise its forecast more significantly with the upcoming hurricane season in the U.S. and the Caribbean. In addition, the recent forest fires and floods, the burnt-out car freighter and write-downs on real estate and other financial assets are likely to cost the Group several million euros in the second half of the year.

ROUNDUP: US Steel looking at options - Cleveland-Cliffs bid rejected for now.

PITTSBURGH - Steel group US Steel wants to think about its strategic future after several takeover bids. One of the bidders is rival Cleveland-Cliffs. A merger of the two companies would have created one of the world's largest steel producers - but US Steel initially rejected the offer. Instead, management now wants to examine all strategic options. The Group's management also stressed that Cleveland-Cliffs was invited to participate in the process. US Steel's shares rose by 23 percent in pre-borsday trading, while the counterparty's papers lost almost six percent.

ROUNDUP: Xing parent New Work earns significantly less

HAMBURG - Weaker demand for its products and the restructuring of career network Xing weighed on recruiting specialist New Work in the completed quarter. "We see that many companies are in the process of restructuring, cutting costs and, as a result, recruiting less strongly," group CEO Petra von Strombeck told financial news agency dpa-AFX on Monday. "All indices show that the recruiting market is on the brakes. Against this background, we are relatively satisfied with our figures," the manager said, referring to growth in the strongest segment around recruiting products. On the stock market, the half-year report was received with restraint. New Work shares were up half a percent.

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Customer note:

ROUNDUP: You are reading a summary in the company overview. There are several reports on this topic on the dpa-AFX news service.

/jha