Home Industry Energy 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 by Reuters September 11, 2024 Image credit: Alex Kraus/ Getty Images 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. Read: ADNOC to acquire 35% stake in Exxon’s Texas hydrogen plant Tags ADNOC Group Covestro M&A Petrochemicals You might also like ADNOC signs multi-year LNG supply agreement with IndianOil GCC M&A surge: A blueprint for sustainable growth UAE’s ADNOC deploys Neuron 5 for AI-powered efficiency Kuwait’s KFH offloads entire stake in Sharjah Islamic Bank for Dhs1.3bn