Gulf Oil Giant Adnoc With $150 Billion Turns Into Top Dealmaker
- Adnoc is attempting to clinch $12.5 billion Covestro takeover
- Gulf buyers have faced challenges on large international deals
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For years, Abu Dhabi’s main oil producer was known as a sleepy state company content to churn out crude from its vast oil fields. But that stodgy reputation is getting a dramatic makeover as it uses a $150 billion budget to become one of the world’s most active energy dealmakers.
Abu Dhabi National Oil Co. this week took a big step in its global push by suggesting it could raise an offer for German chemicals maker Covestro AG to about $12.5 billion. It’s already strung together a number of smaller deals, but a Covestro purchase would be the biggest international acquisition by a Gulf company and announce Adnoc’s ability to pay top dollar to match its outsized goals.