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Home > News > Corporate News

ADNOC makes increased €11.3 billion takeover bid for Covestro

Source：Adsale Plastics Network Date ：2023-12-27 Editor ：VC

Copyright： This article was originally written/edited by Adsale Plastics Network (AdsaleCPRJ.com), republishing and excerpting are not allowed without permission. For any copyright infringement, we will pursue legal liability in accordance with the law.

Abu Dhabi National Oil Company (ADNOC) has submitted an increased preliminary takeover bid of about €60 a share for Covestro AG, valuing the German chemical company at around €11.3 billion ($12.4 billion), according to Bloomberg’s report.

The Abu Dhabi oil giant previously made bids of €55 and €57 that Covestro viewed as too low.

According to the source of Bloomberg, the new offer also includes job guarantees for several years as well as about €$8 billion of investments after closing the deal.

A spokesman for Covestro told Reuters that the company is in open-ended talks with ADNOC, following the report of increasing takeover bid. “Open-ended refers to both the content and the timeframe,” the spokesperson said.

In June, ADNOC made a takeover proposal worth more than €10 billion which was rejected by Covestro; in August, ADNOC signaled that it could raise its offer if formal talks were agreed; Covestro confirmed in September that it had entered into open-ended discussions with ADNOC, according to media reports.