Abu Dhabi Oil Co. makes takeover offer for Covestro, reports say
The state-owned oil company of the United Arab Emirates has made an offer of almost $11 billion, the reports say.
Abu Dhabi National Oil Co. (ADNOC) has approached German plastics and chemicals maker Covestro AG with a takeover offer of more than 10 billion euros (US$10.9 billion), according to the Reuters and Bloomberg news outlets.
The reports said that deliberations between ADNOC and Covestro are in the early stages and there is no certainty that the deal will proceed.
Covestro’s products include isocyanates and polyols for cellular foams, thermoplastic polyurethane and polycarbonate pellets, as well as polyurethane-based additives used in the formulation of coatings and adhesives.
ADNOC is the state-owned oil company of the United Arab Emirates, and said to be the world’s 12th largest oil company by production.