Abu Dhabi National Oil Company ADNOC has agreed to acquire German chemicals giant Covestro in a $16.3 billion deal.
Following a year of negotiations, Abu Dhabi’s oil company
will make a takeover offer at $68.86 62.00 euros per Covestro share, which is set to be accepted by the chemicals company. “Subject to the review of the offer document, the Board of Management and the Supervisory Board assume that they will recommend the acceptance of the offer to the Company’s shareholders,” Covestro said. The purchase price implies an equity value for Covestro of around $13 billion 11.
first approached Covestro a year ago. In June 2024,
Covestro Chemicals Acquisition Oil Diversification Germany DAX 40 UAE Sultan Ahmed Al Jaber
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