Adnoc Weighs Boosting Covestro Bid Again to €11.6 Billion
- New offer of €60/share contingent on formal Covestro talks
- Adnoc seeking deals to better compete with Aramco’s Sabic unit
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Abu Dhabi National Oil Co. indicated it’s prepared to boost its informal offer for Covestro AG to about €11.6 billion ($12.7 billion) on the condition the German chemicals group agrees to enter formal talks, people with knowledge of the matter said.
The state-backed energy giant has verbally signaled to Covestro that it could come back with a new, written proposal of €60 per share, should such a bump get negotiations started, the people said. An offer at that level would represent a premium of about 29% to Covestro’s closing share price on Friday.