UAE's ADNOC Secures $16B Takeover of Covestro as Mideast M&A Hits $36B in 2024

Merger and acquisition activity in the Middle East reached $36 billion in 2024, primarily driven by the United Arab Emirates (UAE) and Saudi Arabia. A notable transaction involves the Abu Dhabi National Oil Company (ADNOC), which has received approval for a $16 billion takeover of the German chemical manufacturer Covestro. ADNOC plans to maintain Covestro as a standalone business, emphasizing its potential for growth. Covestro's shareholders have accepted ADNOC's takeover offer, marking a significant step in the deal's progression.