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The year-long efforts of Abu Dhabi National Oil Company (ADNOC) to acquire German chemicals firm Covestro moved a step closer to a successful conclusion after Covestro said on Monday it had decided to “enter into concrete negotiations with Adnoc”. https://t.co/LgJGU0Px6B
Chemical maker #Covestro says that it has entered into “concrete negotiations” with the United Arab Emirates national energy firm #ADNOC after a takeover proposal valuing the German group at nearly $12.8 billion. https://t.co/yKOLGWandz
Adnoc’s long Covestro chase set to achieve Europe’s largest takeover of year https://t.co/CGpKfCR3GC
Abu Dhabi National Oil Company (ADNOC) is prepared to increase its bid for German chemical company Covestro to €62 per share, valuing the takeover at approximately $12.5 billion. Covestro has opened its books to ADNOC and entered into concrete negotiations, indicating a significant step towards what could be Europe's largest takeover of the year, valued at nearly $12.8 billion. This development follows a year-long effort by ADNOC to acquire Covestro.
