Covestro agrees to formal talks with ADNOC on $12.4B takeover proposal

Covestro's board agreed to engage in formal discussions with ADNOC regarding a potential takeover proposal valuing Covestro at $12.4 billion (€11.6 billion). ADNOC is reportedly willing to invest around $8 billion in Covestro post-acquisition.

“The board of Germany's Covestro said Friday it agreed to engage in discussions with the Abu Dhabi National Oil Company (ADNOC), after weeks of talks between the companies’ advisers over a potential sale that could value the chemical firm at $12.4 billion (€11.6 billion) or more.”forbesmiddleeast.com

• 3 sources
• forbesmiddleeast.comCovestro To Hold Formal Talks After ADNOC's $12.4B BidJames Emmanuel, Syed Saadain Gardazi, Julian Nabil, Mahmoud HemdanSep 8, 2023
• plasticsnews.comCovestro, ADNOC enter ‘open-ended' discussions on acquisitionSep 11, 2023
• cen.acs.orgADNOC closes in on deal to buy CovestroAlex ScottSep 16, 2023

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