ADNOC pursues Covestro in €11.7b bid

Covestro AG is in advanced negotiations with Abu Dhabi National Oil Co. (ADNOC) regarding a potential takeover bid that values the German chemical company at approximately €11.7 billion ($12.5 billion).

ADNOC has proposed an offer of €62 per share pending confirmatory due diligence, marking a starting point for discussions on an investment agreement. Covestro has agreed to facilitate information exchange to support ADNOC in finalising its bid.

ADNOC has stated that €62 per share is its final offer, indicating no plans for further increases after multiple revisions from its initial proposal of €55 per share over the past year.

Covestro’s shares surged up by 7.3 per cent in German trading following these developments, reaching their highest intraday level since February 2022.