Abu Dhabi's Adnoc to acquire Covestro in €14.7B deal - Breaking The News

Abu Dhabi's Adnoc to acquire Covestro in €14.7B deal

1 October

1 min read

ADNOC

Abu Dhabi National Oil Company (Adnoc) agreed on Tuesday to a €14.7 billion agreement to buy Covestro. The deal, one of Europe's largest takeovers in 2024, will see Adnoc pay €62 per share and inject €1.17 billion into Covestro.

"As a global leader and industrial pioneer in chemicals, Covestro brings unmatched expertise in high-tech speciality chemicals and materials, using advanced technologies including AI," Adnoc chief executive Sultan Ahmed Al Jaber said.

For his part, Covestro's CEO, Markus Steilmann, stated that the deal will boost the firm's foundations for growth in sustainable sectors.

mergers and acquisitions adnoc covestro

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