MUNICH (dpa-AFX) - Europe's largest laboratory chain Synlab continues to struggle with rising costs and the sharp decline in Covid tests. Although the group is countering this with savings, price increases and sales of parts of the company, it was still unable to avoid a decline in sales and earnings in the third quarter. As Synlab announced in Munich on Wednesday, revenue fell to 617 million euros in the three months from July to September, compared to 698 million euros a year earlier. Adjusted earnings before interest, taxes, depreciation and amortization fell from 135 to 96 million euros. The company confirmed its annual targets.

Synlab may soon be facing a takeover by financial investor Cinven, which only floated the company on the stock exchange in spring 2021. The major shareholder submitted an offer of ten euros per share at the end of September. Synlab shares, which are listed on the SDax, were recently quoted slightly below this. Last week, Synlab's Management Board and Supervisory Board stated that the offer price did not adequately reflect the long-term value of the company. Both boards therefore abstained from recommending the takeover bid by Cinven./tav/stk