Deals
Adnoc to Buy Covestro for €12 Billion in Its Biggest Deal
- Firm to subscribe to €1.2 billion capital hike upon completion
- Chemicals are big part of Adnoc’s global acquisitions push
This article is for subscribers only.
Abu Dhabi National Oil Co. reached a deal to buy chemical producer Covestro AG for about €11.7 billion ($13 billion), in what’s set to be the biggest Middle Eastern acquisition of a European firm.
The takeover will value the German company at €62 per share and hinges on the Abu Dhabi oil producer receiving at least 50% plus one share in its tender offer, Adnoc and Covestro said. The deal would be Adnoc’s largest acquisition and give it control over a strategic European industrial company with roots going back to the 19th century.