General: Covestro AG is among the world's largest polymer producers. The Company's business activities are focused on the manufacturing of high-tech polymer materials and the development of innovative solutions for products used in many areas of daily life. The main segments served are the automotive, construction, wood processing and furniture, and electrical and electronics industries. Other sectors include sports and leisure, cosmetics, health, and the chemical industry itself. Covestro has about 30 production sites around the globe and employs approximately 16,200 people.
Covestro AG was founded as a subsidiary of Bayer AG on 20 August 2015 as a consequence of Bayer AG's decision to contribute its MaterialScience business to a stock corporation and to publicly list shares of this company on the stock exchange. On 1 September 2015, the control and profit and loss transfer agreement between Covestro Deutschland AG (formerly Bayer MaterialScience AG) and Bayer AG was terminated and Covestro Deutschland AG became a subsidiary of Covestro AG. The
Company's initial public offering (IPO) was conducted on 6 October 2016. Following the IPO, Bayer AG initially held a total of 69% of the shares in Covestro and has since reduced its shareholding gradually to 14.2%. Effective 30 September 2017, Covestro AG and Bayer AG signed a control termination agreement according to which Bayer cedes all control of Covestro. As a result, Covestro is no longer consolidated by Bayer as a subsidiary.
Agenda: We have no concerns over the agenda items at this year's AGM.
Covestro AG is a global supplier of high-tech polymer materials and application solutions developed for these materials. Co. produces precursors for polyurethane foams and the high-performance plastic polycarbonate in addition to raw materials for coatings, adhesives and sealants as well as specialty products, including high-quality films. Other precursors such as chlorine and by-products like styrene are part of Co.'s range of products.
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The independent financial analyst theScreener just lowered the general evaluation of COVESTRO AG (DE), active in the Specialty Chemicals industry. As regards its fundamental valuation, the title still shows 0 out of 4 possible stars. Its market behaviour, however, has slightly deteriorated and will be qualified as risky moving forward. theScreener considers that these new qualifications justify an overall rating downgrade to Negative. As of the analysis date November 20, 2018, the closing price was EUR 47.64 and its target price was estimated at EUR 45.26.
No-moat Covestro shares are trading down 14% at time of writing due to the company announcing a profit warning. We have called out Covestro shares as overvalued for some time given we saw the share price implicitly assuming abnormal conditions in the MDI and TDI markets would last for several years while we expected the markets to normalize in the near term. Today’s profit warning confirms our view that the MDI and TDI markets are moving quickly to a balanced state. While the stock is now down 50% from the peak in February, we don’t see an opportunity yet. Shares are now trading in line with o...
La société a annoncé depuis son entrée en bourse sa volonté de diversifier son conseil d'administration, qui n'est composé que d'une femme (représentante d'une société administratrice) et que d'un membre indépendant (les taux d'indépendance et de féminisation ne sont donc que de 25%). De plus, l'actionnaire majoritaire, Apax, est surreprésenté au conseil, en possédant la moitié des sièges, pour une participation au capital de 42,19%. Si l'entrée en bourse de la société est récente, nous l'incitons fortement à prendre en compte cette nécessité de diversifier son conseil. Le renouvellement de ...
Proxinvest attire l'attention des actionnaires sur plusieurs points : - Tout d'abord la société est dans un processus qui va permettre à un actionnaire chinois, Fosun, de rentrer au capital via une émission de nouvelles actions lui étant réservée. Suite à cette émission, Fosun deviendra le premier actionnaire et propose donc de nommer un administrateur au conseil de la société. -Ensuite la direction de la société est modifier puisque Marie Meynadier va céder ses fonctions à Mike Lobinsky le 1er Janvier 2019. De ce fait lors de la présente assemblée la société propose une nouvelle politique d...
Item 2: Approve the Remuneration Report The structure is not acceptable as the STI and LTI are equally weighted. Though 25% of the bonus is deferred, it is not subject to further performance conditions and is only held for one year. Additionally, alignment with performance has not been definitively demonstrated, as no bonus targets are disclosed. Finally, awarded amounts are high in relation to index and sector comparisons. Item 4: Re-elect as a director, Emma Adamo. The director is not independent as she is a member of the Weston family. The Garfield Weston Foundation controls Wittington I...
The Company is seeking shareholder approval for the Company’s shares to be transferred to Takeda Pharmaceutical Company Ltd. The Company will become a wholly owned subsidiary of Takeda. This will be effected by means of a Scheme of Arrangement under Jersey Companies Law. Although the Company has presented a strategic justification for the merger and the price represents a significant premium on the pre-offer share price, there are significant governance concerns arising around shareholders' rights following the transaction, as well as the implementation of retention payments which are not sub...
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