Abu Dhabi National Oil Company (ADNOC) has recently targeted the acquisition of German Covestro (Covestro) made a new offer worth around 11 billion euros ($12.4 billion). The new offer raises Covestro's valuation to around 57 euros per share, up from an initial informal offer of around 55 euros, the sources said.
It is understood that ADNOC is an enterprise supported by the UAE government. demonstrated confidence in its management team and strategy. Nevertheless, last month Covestro rejected The Emirati energy giant's offer, on the grounds that the amount was too low. Covestro, based in Leverkusen, Germany, has previously expressed concern about ADNOC's plans for its specialty chemicals business.
According to people familiar with the matter, ADNOC is actively working to address Covestro’s concerns, especially It was to propose a solution to the management problem of how to assist this German company in expanding its specialty chemical business.
At present, the two parties have not started formal negotiations. raised further.
For ADNOC's revised quotation, Covestro has not yet made a clear response. Representatives for Covestro and ADNOC declined to comment.
It is worth mentioning that ADNOC is planning to invest 150 billion US dollars to expand crude oil, Production capacity for natural gas and chemicals.
Just last week, the Abu Dhabi energy giant entered into a deal with the Austrian energy company OMV has held formal discussions to create a petrochemical giant with a combined value of more than $30 billion by merging petrochemical businesses Borouge and Borealis.
Source of content: Exclusively compiled by Tiantian Chemical Network
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