ADNOC said early this month it had struck a deal to buy Covestro for $16.3bn, including debt, the energy giant’s biggest-ever acquisition
The deal marks a cornerstone for ADNOC’s plans to grow its petrochemicals business along with gas and renewable energy
Covestro said in June it was stepping up talks with ADNOC after the UAE’s national energy company made an improved takeover bid
Investors from the Middle East bring cash and expertise to such projects
ADNOC is striking strategic deals across Europe, as it seeks to diversify, its upstream and downstream operations
ADNOC’s initial informal offer to Covestro was reported in June 2023, but it wasn’t until September last year that the German company entered into open-ended formal discussions