ADNOC nears $13 billion deal to buy Germany's Covestro, WSJ reports (updated)
30/09/2024 22:06
(Adds details in paragraph 2, background from paragraph 4
onward)
Sept 30 (Reuters) - Abu Dhabi National Oil Company
(ADNOC) is likely to announce a $13 billion-plus deal for
Germany's Covestro 1COV.DE as soon as this week unless an
unexpected snag emerges, the Wall Street Journal reported on
Monday, citing people familiar with the matter.
The Leverkusen-based plastics company announced at the end
of June that it would enter into concrete negotiations with
ADNOC. After months of canvassing, the oil company announced a
possible offer of 62 euros ($69.04) per share, subject to due
diligence.
ADNOC and Covestro did not immediately respond to
Reuters requests for comments.
Covestro finance chief Christian Baier told Reuters at
the end of July that there had been progress in the talks and
that the negotiations were continuing to be very constructive.
Covestro is the former plastics subsidiary of Bayer
BAYGn.DE , which the pharmaceutical and agricultural group took
public in 2015.
($1 = 0.8981 euros)
(Reporting by Urvi Dugar and Harshita Meenaktshi; Editing by
Shailesh Kuber)
((UrviManoj.Dugar@thomsonreuters.com;))