# 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.

- Type: Acquisition
- Announced: 2023-09-08
- Where: Germany
- Value: $12.4B
- Status: rumored
- Products: specialty chemicals, polymers
- Sectors: [Specialty Chemicals](https://endata.com/sectors/specialty-chemicals.md), [Plastics and Polymers](https://endata.com/sectors/plastics-polymers.md)

## Companies

- [Covestro](https://endata.com/companies/1705.md) (target)
- [Abu Dhabi National Oil Company](https://endata.com/companies/5511.md) (acquirer)

## Sources

- [forbesmiddleeast.com](https://forbesmiddleeast.com/industry/business/covestro-board-to-take-call-on-formal-talks-on-adnocs-$124b-takeover-offer), 2023-09-08: "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."
- [plasticsnews.com](https://www.plasticsnews.com/news/covestro-adnoc-enter-open-ended-discussions-acquisition), 2023-09-11: "Covestro AG and Abu Dhabi National Oil Co. (ADNOC) have started talks on a potential acquisition of the German firm."
- [cen.acs.org](https://cen.acs.org/business/mergers-&-acquisitions/ADNOC-closes-deal-buy-Covestro/101/i31), 2023-09-16: "Covestro, the German polymer producer, has agreed to 'open-ended' discussions that could result in it being acquired by Abu Dhabi National Oil Company (ADNOC)."

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Data from Endata (https://endata.com/). Announcements are summarized from public sources and may be incomplete; check the linked originals.