Deals
Adnoc Finishes Due Diligence on €12 Billion Covestro Deal
- State energy producer could move forward with bid in September
- Potential deal still needs final signoff from top officials
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Abu Dhabi National Oil Co. has largely completed due diligence on its planned bid for German chemical company Covestro AG, paving the way for the state-owned energy firm’s biggest-ever deal, people familiar with the matter said.
Adnoc could move forward with an €11.7 billion ($13 billion) offer for Covestro as soon as September, the people said. It has finished site visits to major Covestro plants as part of its in-depth confirmatory due diligence and hasn’t discovered any red flags, according to the people.