UAE Adnoc nears takeover of German Covestro Chemical

25 June, 2024

The Abu Dhabi National Oil Company (ADNOC) is nearing a €14.4Bln agreement to take over the German chemicals group Covestro, setting up the Company to expand its overseas holdings, FT reported.

The two sides have agreed to conduct confirmatory due diligence, and Covestro said in a statement that it would cancel its capital markets day scheduled for Thursday. The two sides have been in talks since the Gulf sovereign wealth fund made an initial informal offer in September 2023.

Adnoc, which wants to pump 5 Mln bpd by 2027, is on a global acquisition hunt to diversify into gas, chemicals and renewable energy and it has been pursuing several European targets such as Austria's OMV to create a chemicals giant with combined annual sales of more than $20 Bln and European chemical producer OCI's stake in ammonia and urea producer Fertiglobe for $3.6 Bln.


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