Adnoc to increase offer for Covestro to EUR 12 billion

2024年06月25日17:09 来源：无

Is a takeover of Covestro getting closer? Several financial portals are reporting that the Arab oil group Abu Dhabi National Oil Co (Adnoc) is holding out the prospect of EUR 62 per share.

Adnoc increases its bid for Covestro. Source: Covestro

According to the “Bloomberg” portal, which cites people familiar with the matter, Adnoc has officially informed Covestro that it will increase its offer from EUR 60 per share to EUR 62 – provided that the detailed due diligence process goes well. This would increase the takeover bid to EUR 11.7 billion. “Der Aktion？r” reports that Covestro has now confirmed that it is holding concrete takeover talks with Adnoc on the basis of the EUR 62 offer.

The Board of Management of the German chemicals group, in consultation with the Supervisory Board, has decided to enter into concrete negotiations with the Arab oil and gas group on a possible transaction and the possible conclusion of an investment agreement. This transaction would be the largest takeover of a European company by a buyer from the Middle East. Adnoc has been courting the DAX group since the summer of last year. The original, non-binding offer of initially EUR 55 per share was increased to EUR 57 and finally to EUR 60 per share. The latest increase has revitalised the negotiations and could bring a takeover closer.

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