ADNOC reiterates $12.5B takeover offer for German chemical firm Covestro, initiating concrete negotiations.

Abu Dhabi National Oil Company (ADNOC) has reiterated its takeover offer for German chemical company Covestro at $12.5 billion, entering "concrete negotiations" after over a year of discussions. ADNOC aims to reach a common understanding with Covestro regarding core aspects of a potential transaction, including support for Covestro's growth strategy. The proposed deal values Covestro at around €11.7 billion ($12.5 billion).

June 24, 2024
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