Adnoc Makes Sweetened €11.3 Billion Bid for Covestro
- Higher bid may clear way for Adnoc to conduct due diligence
- Covestro saw Abu Dhabi company’s earlier offers as too low
An ADNOC gas station in the Jumeirah district of Dubai.
Photographer: Christopher Pike/BloombergThis article is for subscribers only.
Abu Dhabi National Oil Co. submitted an increased preliminary takeover bid for German chemical company Covestro AG and offered concessions to pave the way for the start of detailed due diligence, people with knowledge of the matter said.
State-owned Adnoc made a fresh proposal of about €60 a share, valuing Covestro at around €11.3 billion ($12.4 billion), according to the people. Adnoc previously made informal bids of €55 and €57 that Covestro viewed as too low.