According to informed sources, the Abu Dhabi National Oil Company (ADNOC) has sent German Chemicals producer Covestro AG has made a preliminary takeover offer.
The state-backed energy company has partnered with Covestro in Lekusen Officials from the company made initial contacts expressing their interest in a deal. Covestro shares have risen about 7 percent this year, giving them a market capitalization of 7.5 billion euros ($8.2 billion).
Relevant sources said that the relevant negotiations are still at an early stage, and it is still uncertain whether the Abu Dhabi Whether Petronas will decide to go ahead with the acquisition. Representatives for ADNOC declined to comment on the acquisition, while a Covestro spokesman was not immediately available for comment.
Abu Dhabi National Oil Company provides almost all of OPEC member United Arab Emirates Petroleum, which plans to invest $150 billion to expand its natural gas, chemicals and clean energy businesses globally. It is part of a push by Persian Gulf oil producers to diversify oil sales to capture markets in countries phasing out transport fuels such as gasoline and diesel.
Last year, ADNOC acquired the Austrian Oil & Gas stake in Austria A stake worth around EUR 3.9 billion in the company (OMV AG) to increase its exposure to chemical production. It also holds a 25% stake in Austrian chemicals and plastics maker Borealis AG, which is 75% owned by OMV. In May, ADNOC teamed up with Apollo Global Management to bid for a controlling stake in Brazilian petrochemical producer Braskem SA.
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