FRANKFURT (dpa-AFX) - Covestro shares continued to rise on Tuesday. Reports of cost reductions pushed the share price up to the previous day's high of 55 euros. Most recently, the shares were the second-best DAX stock, gaining 1.8 percent to 54.82 euros.

The plastics manufacturer wants to assert itself against international competition with a cost-cutting program. Annual savings of 400 million euros are to be achieved by the end of 2028.

On Monday, news of a possible takeover by the oil company Adnoc from the United Arab Emirates once again boosted Covestro's share price. Nevertheless, it remains well below the possible offer from Adnoc at 62 euros per share that is now being discussed. There are some doubts on the stock market as to whether a deal will materialize - especially as Adnoc has said that a possible offer of EUR 62 per share would also be a final offer.

According to analyst Virginie Boucher-Ferte from Deutsche Bank Research, the probability of a sale of the plastics group is increasing. Nevertheless, her price target of 58 euros remains clearly below the purchase price envisaged by Adnoc, as outlined in a study published on Tuesday./ajx/mis/tih