UAE oil giant ADNOC swoops on German chemicals firm Covestro ...Kuwait

The New Arab - News

German chemicals group Covestro said Tuesday it had accepted a takeover bid from UAE state energy company ADNOC, as one of the key sectors in Europe's largest economy is gripped by crisis. Elevated energy costs in the wake of Russia's 2022 invasion of Ukraine have weighed heavily on chemicals producers, which account for around five percent of Germany's GDP. The deal valued Covestro, a maker of plastics, at some 12 billion euros ($13.3 billion), the German group said in a statement. Under the terms of the agreement, valid until the end of 2028, the Abu Dhabi National Oil Company (ADNOC) will make an offer for all remaining Covestro stock at a price of 62 euros per sh

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Last updated : 02 October 2024 clock 04:57 PM

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UAE oil giant ADNOC swoops on German chemicals firm Covestro ...Kuwait

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