Deals
Adnoc Boosts Covestro Takeover Bid to €11 Billion
- State-backed energy firm increases bid to about €57 per share
- Adnoc seeks to start negotiations with improved offer
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Abu Dhabi National Oil Co., the energy giant seeking to expand its chemical operations through a series of ambitious deals, has boosted its takeover offer for Covestro AG to about €11 billion ($12.4 billion), people familiar with the matter said.
Adnoc increased its proposal to about €57 per share in the hopes of convincing the German company to enter talks, the people said. That’s up from its first informal bid of around €55.