Talks between Covestro and Abu Dhabi National Oil Co (ADNOC) regarding a takeover of the German plastics and chemicals maker have stalled, with both sides being far from a breakthrough, the Handelsblatt daily reported on Friday.

According to financial circles, the new purchase price of 60 euros per share offered by Adnoc in December 2023 has not yet had the desired effect, Handelsblatt said.

Shares in Covestro dropped 3.25% after the report to 46.20 euros at 13:35 GMT.

Covestro and ADNOC did not immediately respond to Reuters requests for comment.

In December, the German firm confirmed it was in "open-ended" talks with the suitor over a takeover approach, and one of its top shareholders urged to grant ADNOC due diligence needed for the deal.

Source: Reuters