Abu Dhabi’s Adnoc to buy German chemicals company Covestro for 14.7 billion euros

ABU Dhabi’s state oil giant Adnoc agreed to buy German chemicals producer Covestro for 14.7 billion euros (S$21 billion), one of the biggest foreign takeovers by a Gulf state which is aimed at diluting the country’s heavy dependence on oil in the energy transition.

Adnoc said it would launch a 62 euros-per-share voluntary public takeover offer for all shares in Covestro, valuing the target, a former Bayer unit, at 14.7 billion euros including debt.

It added it would also buy 1.17 billion euros worth of new Covestro shares from a capital increase to improve funding of the takeover target. REUTERS

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