Based on the open-ended talks held so far with Abu Dhabi National Oil Company (ADNOC), the Board of Management of Covestro after consultation with the Supervisory Board has decided to enter into "concrete" negotiations with ADNOC.

“We have made good progress in our discussions with ADNOC. Therefore, we have decided to enter into concrete transaction negotiations with ADNOC,” said Markus Steilemann, CEO of Covestro.

Read more: ADNOC makes increased €11.3 billion takeover bid for Covestro

Covestro’s press release states that the negotiations are about “a potential transaction and the potential conclusion of an investment agreement as well as to allow for an adequate exchange of company information to confirm assumptions (confirmatory due diligence)”.

In the view of the Board of Management, the discussions so far have shown that Covestro and ADNOC can generally reach a common understanding regarding core aspects of a possible transaction including support for Covestro’s further growth strategy.

As said, starting point for the negotiations is a possible offer price of €62 per Covestro share that ADNOC has indicated to Covestro, which is subject, among other things, to the results of the confirmatory due diligence and agreement on the content of an investment agreement.

ADNOC and Covestro both intend to proceed with the negotiations about a potential transaction and the confirmatory due diligence in a timely manner.

At this time, there is no certainty whether the upcoming negotiations will lead to an agreement, and there is also no certainty as to the final terms of any such agreement, emphasizes Covestro.

Based on the open-ended talks held so far with Abu Dhabi National Oil Company (ADNOC), the Board of Management of Covestro after consultation with the Supervisory Board has decided to enter into "concrete" negotiations with ADNOC.

“We have made good progress in our discussions with ADNOC. Therefore, we have decided to enter into concrete transaction negotiations with ADNOC,” said Markus Steilemann, CEO of Covestro.

Read more: ADNOC makes increased €11.3 billion takeover bid for Covestro

Covestro’s press release states that the negotiations are about “a potential transaction and the potential conclusion of an investment agreement as well as to allow for an adequate exchange of company information to confirm assumptions (confirmatory due diligence)”.

In the view of the Board of Management, the discussions so far have shown that Covestro and ADNOC can generally reach a common understanding regarding core aspects of a possible transaction including support for Covestro’s further growth strategy.

As said, starting point for the negotiations is a possible offer price of €62 per Covestro share that ADNOC has indicated to Covestro, which is subject, among other things, to the results of the confirmatory due diligence and agreement on the content of an investment agreement.

ADNOC and Covestro both intend to proceed with the negotiations about a potential transaction and the confirmatory due diligence in a timely manner.

At this time, there is no certainty whether the upcoming negotiations will lead to an agreement, and there is also no certainty as to the final terms of any such agreement, emphasizes Covestro.