The Abu Dhabi National Oil Company (ADNOC) is anticipated to submit a formal offer to acquire Covestro, a German chemicals firm, for approximately 14.4 billion euros ($15.9 billion), including debt, according to a report from the Financial Times.
ADNOC has been eyeing Covestro for over a year and, in June, secured an agreement for the company to provide more detailed information and engage in deeper discussions following an improved indicative bid of 11.7 billion euros, or 62 euros per share.
Covestro, known for producing plastics and chemicals for construction and engineering, indicated that it was willing to open its books to ADNOC, signaling potential progress on key aspects, including Covestro’s growth strategy.
A spokesperson for Covestro acknowledged the FT report but did not provide further comments, while ADNOC also chose not to comment on the matter.