Adnoc Said Close to Due Diligence on $12 Billion Covestro Deal
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Covestro AG is close to granting Abu Dhabi National Oil Co. access to in-depth due diligence in expectation of an improved takeover bid, according to people familiar with the matter, signaling fresh impetus for the talks between both parties after negotiations have been dragging on for a year.
The German company plans to hold a supervisory board meeting Wednesday to discuss the issue, the people said, asking not to be identified because the information is private. Both firms made progress in recent weeks hashing out key aspects of a combination, according to the people.