Abu Dhabi Oil Giant Adnoc Makes Takeover Approach for Covestro
- Adnoc held initial talks with Covestro to express its interest
- Abu Dhabi firm discusses potential offer in mid-€50s per share
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Abu Dhabi National Oil Co. has made a preliminary takeover approach for German chemical producer Covestro AG, people with knowledge of the matter said, a potential acquisition that would rank as its biggest-ever overseas purchase.
The state-backed firm has held initial talks with Leverkusen-based Covestro to express interest in a deal, according to the people, who asked not to be identified because the information is private. Adnoc discussed a potential offer in the mid-€50s per Covestro share, the people said, implying a premium of nearly 40% to its last close and potentially valuing the company at almost €11 billion ($12 billion).