Reported 6 days ago
Abu Dhabi National Oil Company (Adnoc) has agreed to purchase German chemical producer Covestro AG for approximately €11.7 billion, marking the largest acquisition by a Middle Eastern firm of a European company. The deal, which values Covestro at €62 per share, represents an 11% premium over its recent trading price and highlights Adnoc's strategy to diversify its investments in the chemicals sector amidst changing global energy demands. Covestro's management supports the acquisition, indicating strong alignment between the two companies' long-term goals.
Source: YAHOO