Deals
Adnoc Preparing to Increase Takeover Offer for Covestro
- Planned bid of about €60/share may clear way for due diligence
- Covestro saw Abu Dhabi company’s earlier offers as too low
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Abu Dhabi National Oil Co. is preparing to increase its preliminary takeover offer for Covestro AG and offer concessions to pave the way for the start of detailed due diligence, people with knowledge of the matter said.
State-owned Adnoc aims to submit a fresh proposal of about €60 per share as soon as the coming days, which would value Covestro at around €11.3 billion ($12.3 billion), according to the people. It’s planning to pledge job guarantees for several years as well as about $8 billion of investments after closing the deal, the people said, asking not to be identified because the information is private.