ADNOC Could Raise Covestro Bid To $12.6 Billion ...Middle East

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ADNOC Could Raise Covestro Bid To $12.6 Billion
source : OILPRICE ( Middle East ) () 18
Abu Dhabi National Oil Co (ADNOC) has signaled a willingness to raise its informal offer to 60 euros per share for a valuation of $12.6 billion for German plastics and chemicals maker Covestro. The latest offer would represent a premium of nearly 30% to Covestro's closing share price on Friday.ADNOC last raised its informal offer to 57 euros per share in July, although no final decision has yet been made. ADNOC appears willing to go on an M&A spree: Abu Dhabi’s national oil company is separately in talks with Austria's OMV regarding…

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