Abu Dhabi's ADNOC to buy German chemicals company Covestro for $16.4 bln (updated)

Covestro AG

01/10/2024 08:06

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    By Friederike  Heine and Ludwig Burger
       BERLIN, Oct 1 (Reuters) - 
    Abu Dhabi's state oil giant ADNOC agreed to buy German
chemicals producer Covestro  1COV.DE  for 14.7 billion euros
($16.4 billion), one of the biggest foreign takeovers by a Gulf
state which is aimed at diluting the country's heavy dependence
on oil in the energy transition.
  
        ADNOC said it would launch a 62 euros-per-share
voluntary public takeover offer for all shares in Covestro,
valuing the target, a former Bayer  BAYGn.DE  unit, at 14.7
billion euros including debt.
        It added it would also buy 1.17 billion euros worth of
new Covestro shares from a capital increase to improve funding
of the takeover target.  
    
($1 = 0.8981 euros)

 (Reporting by Ludwig Burger
Writing by Friederike Heine
Editing by David Goodman)
 ((friederike.heine@thomsonreuters.com;))