We would remind investors that a company like Covestro typically trades at 7.0x mid-cycle EBITDA, with a takeout usually happening at a 1.0-2.0x premium to that multiple. Using an EV- to-EBITDA multiple range of 7.0-9.0x suggests a EUR81-108 per share valuation, highlighting the lowball nature of ADNOC's bid, in our view. From a fundamentals perspective, around 74% of Covestro’s revenues come from APAC and EMLA, and both regions experienced higher costs and weaker demand in 2022. With China reopening, and with current natural gas prices significantly lower in both Europe and the U.S. versus 2022, we expect Covestro's 2022 earnings headwinds to reverse course and generate tailwinds in 2023 and beyond. This, to us, suggests an opportunistic ploy by ADNOC in an attempt to acquire these assets at the bottom of the cycle, and just as fundamentals are beginning to cycle up.