Skip to content Skip to Search
Skip navigation

Adnoc to raise takeover bid for German chemicals maker

Gulf oil producers low carbon transition Reuters/Amr Alfiky
Adnoc banner at Adipec.

The state-owned Abu Dhabi National Oil Co (Adnoc) is gearing up for a renewed offer of €60 ($65.53) per share for the German plastics and chemicals maker Covestro, a media report said.

The bid could value the German company at close to €11.3 billion, Bloomberg reported, citing informed sources.

Adnoc aims to present the revised proposal in the coming days. It also plans to promise job guarantees for several years and commit investments worth $8 billion post-acquisition, the report added.

While discussions are in progress, Adnoc may consider waiting until 2024 to send the revised bid.

In September, Covestro confirmed it had takeover talks with Adnoc.

“The interest of Adnoc in our company underlines our strong position as one of the world’s leading manufacturers of high-quality polymer materials and as a leader in the shift towards a circular economy,” said Markus Steilemann, CEO of Covestro.

Reuters reported in August that the Abu Dhabi energy company indicated to Covestro that it may raise its informal offer to €60, conditional on the German company entering formal talks.

Adnoc made a non-binding offer for Covestro of €55 per share, which was rejected in June.

Latest articles

EGSH

Dubai launches one-stop hub to streamline government services

People in Dubai can now obtain an Emirates ID, register a company, open a bank account and more under one roof following the opening of the Emirates Government Services Hub (EGSH). Owned by Sheikh Mohammed Bin Maktoum Bin Juma Al Maktoum, a member of the Dubai Royal family, EGSH allows clients to access all essential […]

In association with
Thailand's consul general Kitinai Nutakul visits the Saudi Ministry of Foreign Affairs in Jeddah

Thailand opens investment office in Saudi Arabia

Thailand’s Board of Investment (BOI) is opening its first Middle East office in Saudi Arabia, signaling a deepening of economic ties between the nations after a longstanding diplomatic spat. The office will focus on attracting Saudi investment into Thailand’s targeted industries and supporting Thai entrepreneurs looking to invest in the region, the BOI said in […]

hajj saudi arabia

Saudia reports big rise in international passengers

Saudi Arabia’s national carrier Saudia reported a 24 percent increase in international passengers to 9.1 million in the first half of 2024. There was also a 13 percent rise in the number of flights. The Hajj pilgrimage in June played a large part in the growth.  The number of passengers flying on domestic routes rose […]

Abu Dhabi has published its new whistleblowing framework to 'maintain transparency, accountability and market integrity'

ADGM sets deadline for whistleblowing rules

Companies in the Abu Dhabi Global Market (ADGM) have been given a deadline of May 2025 to implement the latest whistleblowing regulations. The financial authority has published its new whistleblowing framework to ‘maintain transparency, accountability and market integrity’. The framework includes regulations on reporting of protected disclosures, allowing reporting of suspected breaches of ADGM legislation […]