Abu Dhabi's ADNOC to buy German chemicals company Covestro for $16.4 bln
01/10/2024 07:54
BERLIN, Oct 1 (Reuters) - Abu Dhabi state oil giant
ADNOC said on Tuesday that it has agreed to buy German chemicals
producer Covestro 1COV.DE for 14.7 billion euros ($16.4
billion).
The deal represents one of the biggest foreign takeovers by
a Gulf state as Abu Dhabi and other countries in the region seek
to reduce their economies' heavy dependence on oil in the face
of global energy transition.
($1 = 0.8981 euros)
(Writing by Friederike Heine
Editing by David Goodman)
((friederike.heine@thomsonreuters.com;))