Daily Management Review

ADNOC sets to buy Covestro for €11.7 billion


08/29/2024


According to sources cited by Bloomberg, ADNOC, the state-owned oil company of the UAE, plans to approve a deal to acquire Covestro AG, a German chemical company, for 11.7 billion euros in September.



Rizwan Ullah Wazir
Rizwan Ullah Wazir
The sources stated that ADNOC is close to finishing the Covestro due diligence process and has not discovered any warning signs.

At that, the Middle Eastern company must still obtain authorization from regulators for the transaction, which is set to be the biggest in its past. The agency's sources pointed out that it might require a number of weeks.

ADNOC started official talks with Covestro in June, proposing a price of 62 euros per share for the German company.

source: bloomberg.com