Covestro AG confirmed on Friday that the company will begin "open-ended discussions" with the Abu Dhabi National Oil Company (ADNOC).
"The interest of Adnoc in our company underlines our strong position as one of the world's leading manufacturers of high-quality polymer materials and as a leader in the shift towards a circular economy. Beyond current headwinds in our industry, we are optimally positioned to unlock significant long-term value in highly attractive industries underpinned by strong secular growth trends," Covestro Chief Executive Officer Markus Steilemann said in a press release.
Covestro revealed it had €18 billion in sales in fiscal 2022.