ADNOC to acquire Covestro for about $15.9 bln, FT reports (updated)
11/09/2024 06:05
(Adds background, Covestro not immediately available for
comment)
Sept 11 (Reuters) - Abu Dhabi National Oil Company
(ADNOC) is expected to make a formal offer to acquire Covestro
1COV.DE for about 14.4 billion euros ($15.90 billion)
including debt, the Financial Times reported on Wednesday.
Having circled the German chemicals firm for more than a
year, ADNOC in June won the target company over to disclose more
data and have in-depth talks, based on an improved indicative
bid of 11.7 billion euros or 62 euros per share.
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.
Covestro was not immediately available for comment on
the FT report when emailed by Reuters early Wednesday.
($1 = 0.9059 euros)
(Reporting by Disha Mishra in Bengaluru and Paolo Laudani in
Gdansk; Editing by Sonia Cheema and Kim Coghill)
((Disha.Mishra@thomsonreuters.com;))