October 24, 2017 / 5:24 AM / in a month

Covestro posts strong rise in Q3 core profit, unveils buyback

FRANKFURT, Oct 24 (Reuters) - German plastics and chemicals maker Covestro on Tuesday posted a 50 percent increase in third-quarter core earnings, citing higher selling prices, and also unveiled plans to buy back up to 1.5 billion euros ($1.76 billion) worth of shares.

Covestro has pledged it would return cash to shareholders if it cannot find a suitable major takeover target within two years as it eyes 5 billion euros in total operating cash flow after investments over the next five years.

Former parent Bayer still holds about a quarter in the group. ($1 = 0.8503 euros) (Reporting by Christoph Steitz and Ludwig Burger; Editing by Biju Dwarakanath)

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