ADNOC to acquire Covestro for about $15.9bn: FT reports
Covestro said in June it was stepping up talks with ADNOC after the UAE’s national energy company made an improved takeover bid
UAE’s Abu Dhabi National Oil Company (ADNOC Group) is expected to make a formal offer to acquire Covestro for about $15.9bn (EUR14.4bn), including debt, the Financial Times reported on Wednesday.
Having circled the German chemicals firm for more than a year, ADNOC in June won the target company over to disclose more data and have in-depth talks based on an improved indicative bid of EUR11.7bn or EUR62 per share.
Covestro, which makes plastics and chemicals for construction and engineering, said at the time it was opening its books to ADNOC because an agreement on core aspects, including its growth strategy, may be reached.
Covestro was not immediately available for comment on the report when emailed by Reuters early on Wednesday. ADNOC did not immediately respond to an emailed request for comment.
