FRANKFURT (dpa-AFX) - Plastics manufacturer Covestro wants to maintain its position in international competition by cutting costs. Annual savings of 400 million euros are to be achieved by the end of 2028, 190 million of which will be in Germany, the DAX-listed company announced on Tuesday. Production and administration are to become more efficient. With a view to Germany, the company wants to avoid redundancies by the end of 2032. Instead, the focus will be on voluntary redundancy agreements and reductions in working hours. Chief Technology Officer and Labour Director Thorsten Dreier also emphasized that the company will continue to invest in its German sites.

Covestro is currently negotiating with Adnoc about a takeover by the state-owned oil company from the United Arab Emirates. A possible bid totaling around EUR 11.7 billion or EUR 62 per share is being discussed, as Covestro announced on Monday. Before that, however, Adnoc will be granted an in-depth look at Covestro's books (confirmatory due diligence) and both sides must agree on an investment agreement. However, there are some doubts on the stock exchange as to whether a deal will materialize - especially since Adnoc said that 62 euros per share would be a final offer. Covestro shares closed at 53.86 euros on Monday. On Tuesday morning, moderate gains were seen in pre-market trading./mis/zb