Skip to content Skip to Search
Skip navigation

Adnoc raises bid for Covestro to $12.4bn

By Pramod Kumar
Covestro
Covestro says any agreement will require the approval of the respective boards and the approval of the competent authorities

Abu Dhabi National Oil Company (Adnoc) has increased its takeover bid for German chemical producer Covestro AG to €11 billion ($12.4 billion), Bloomberg reported, citing informed sources.

The Abu Dhabi energy firm’s latest proposal values Covestro at €57 per share, up from its first informal bid of €55 apiece.

Reuters last month reported that the Adnoc takeover proposal was worth more than €10 billion ($11 billion) but Covestro rejected it as being “too low”.

Adnoc has taken steps to address Covestro’s concerns on how it can help the German company develop its specialty chemical operations.

The report said a further increase in the bid price is possible if negotiations get underway.

Adnoc plans to invest $150 billion to expand production capacity for crude, natural gas and chemicals.

The company is also in talks with Austria’s OMV AG on a potential merger of two petrochemical firms – Borouge Plc and Borealis AG.

Latest articles

STC wants to consolidate the mobile tower market

STC approves PIF purchase of telecom company

Shareholders of Saudi telecom giant STC have approved plans to create a new telecommunications infrastructure company in which the Public Investment Fund will have a 51 percent stake valued at SAR8.7 billion ($2.3 billion).  Under the deal, the STC-owned Telecommunication Towers Co. Limited (Tawal) will become a PIF subsidiary through a merger with Golden Lattice […]

Flavio Cattaneo of Enel, of which Endesa is a subsidiary, and Mohamed Jameel Al Ramahi at the signing of the deal

Masdar buys stake in Spanish utilities company Endesa

The UAE’s state-owned clean energy company Masdar has agreed to acquire a minority stake in Spanish electric utility business Endesa to partner for 2.5 gigawatts (GW) of renewable energy assets in Spain. Under the agreement, subject to regulatory approval, Masdar will invest nearly $890 million to acquire a 49.99 percent stake in Endesa, with an […]

UAE markets Hong Kong

UAE capital markets partner with Hong Kong exchange

The Hong Kong Stock Exchange (HKSE) has added the Abu Dhabi Securities Exchange (ADX) and the Dubai Financial Market (DFM) to its roster of recognised marketplaces. The move opens the door for UAE-based companies to pursue secondary listings on one of Asia’s premier financial markets. It also follows the inclusion of the Saudi Exchange (Tadawul) […]

Person, Worker, Adult

Aramco and PIF invest in Saudi-Chinese steel venture

Saudi Aramco and the Public Investment Fund have doubled their investment in a steel plate joint venture with a Chinese company to $500 million. The two Saudi companies each own 25 percent shares in the new venture in Ras Al Khair industrial city, Bloomberg reported, quoting a statement published on the Chinese stock exchange. Chinese […]