Abu Dhabi National Oil expected to make formal offer for Covestro
Covestro Ag O.N.
€57.00
16:45 20/12/24
0.00%
€0.00
Abu Dhabi National Oil Company was expected to make a formal offer to acquire German plastic and chemicals manufacturer Covestro for approximately €14.4bn including debt, according to the Financial Times.
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17:00 20/12/24
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After circling it for over twelve months, Covestro opened its books to ADNOC back in June and agreed to hold in-depth talks, based on an improved indicative bid of €11.7bn, or €0.62 on a per share basis, and hopes that the pair can reach an agreement on core aspects, including its growth strategy.
As of 1145 BST, Covestro shares were up 1.19% at €55.96 each.
Reporting by Iain Gilbert at Sharecast.com