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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.

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