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Covestro stated at that time that both companies were aligned on key aspects of a potential transaction, including support for Covestro’s future growth prospects.In June, ADNOC increased its ...
Abu Dhabi National Oil Co. reached a deal to buy chemical producer Covestro AG for about €11.7 billion ($13 billion), in what’s set to be the biggest Middle Eastern acquisition of a European firm.
That implies a replacement cost value for Covestro that is closer to 70 EUR per share. Sixty-two euros is a good deal for ADNOC, but also offers a good spread for speculators.
Previous ADNOC offers for Covestro had been estimated at $11 billion and $12 billion. "We have made good progress in our discussions with ADNOC," Covestro CEO Markus Steilemann said.
Representatives for Adnoc and Covestro declined to comment. Adnoc has been pursuing Covestro since the middle of last year, part of the Abu Dhabi company’s push to diversify internationally.
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EU probes UAE oil giant’s purchase of Germany’s Covestro
Plastics maker Covestro accepted a bid – valuing the company at €12 billion – from the Abu Dhabi National Oil Company in ...
Covestro said in a statement that "there are no plans to sell, close or significantly reduce Covestro's business activities as part of the transaction." In the investment agreement, Adnoc ...
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