Energy Adnoc to acquire chemical company Covestro for $16bn By Reuters & Staff Writer September 11, 2024, 9:12 AM Covestro The two companies have been in talks since Adnoc made an initial informal offer in September 2023 Abu Dhabi National Oil Company (Adnoc) is expected to make a formal offer to buy German chemical company Covestro AG. The Financial Times reported that the 14.4 billion euros ($15.90 billion) offer will set up the state-owned energy producer to expand its overseas holdings. The companies have been in talks since Adnoc made an initial informal offer in September 2023. NewsletterGet the Best of AGBI delivered straight to your inbox every week In June Covestro confirmed it had started “concrete negotiations” over a $12.5 billion offer, with €62 ($67) a share as a starting point for the negotiations. Covestro, which makes plastics and chemicals for construction and engineering, said at the time it was opening its books to Adnoc because an agreement on core aspects including Covestro’s growth strategy may be reached. Adnoc’s acquisition strategy could lead to something major Adnoc makes final bid for German chemicals maker Covestro begins formal talks with Adnoc on its $12bn bid A spokesperson for Covestro said the company had read the FT report with interest and did not comment further. Adnoc declined to comment. Covestro generated sales of €14.4 billion in 2023. At the end of that year the company had 48 production sites worldwide and employed approximately 17,500 people.
Real Estate Emaar hikes dividend distribution for 2024 Emaar Properties said on Friday that it would double dividend payouts in 2024 over the previous year. The Dubai-listed property developer will disburse AED 8.8 billion (US$ 2.4 billion), or 100 percent of its share capital, up from AED 4.4 billion (US$ 1.2 billion) in 2023, according to a press release. “At Emaar, our priority […] 1 day ago
Aviation Used private jets soar as Gulf aircraft deliveries stall The Gulf’s second-hand private jet market has enjoyed a surge in popularity due to an influx of wealthy residents and delays in the delivery of new aircraft. “It is hard for [buyers] to get access to assets,” Vincent Rolland, director of JetNet IQ, a US-based market analysis and business aviation consultancy company, told AGBI. Clients […] 1 day ago
Development Syria upheaval could be a sign of progress for the region The removal of the Assad regime in Syria is a “step in the right direction for the region”, according to a leading economist from Standard Chartered. Eric Robertsen, managing director of global head of research and chief strategist at Standard Chartered, was discussing the fallout of a series of geopolitical crises during a media round […] 1 day ago
Business of Sport Manchester City reports record revenues Despite a recent slump in form on the pitch, the Abu Dhabi-backed English football team Manchester City is thriving commercially, its annual report revealed this week. The club has announced record-breaking revenues of £715 million ($903 million) for the past year, with profits of £73.8 million. Chairman Khaldoon Al Mubarak said: “Our focus remains on […] 1 day ago