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ADNOC makes increased €11.3 billion takeover bid for Covestro
2023-12-27
Abu Dhabi National Oil Company(ADNOC) has submitted an increased preliminary takeover bid of about €60 a share for Covestro AG,valuing the German chemical company at around €11.3 billion ($12.4 billion),according to Bloomberg's report.
The Abu Dhabi oil giant previously made bids of €55 and €57 that Covestro viewed as too low.
According to the source of Bloomberg. the new offer also includes job quarantees for several years as well as about €$8 billion of investments after closing the deal.
A spokesman for Covestro told Reuters that the company is in open-ended talks with ADNOC, following the report of increasing takeover bid. “Open-ended refers to both the content and the timeframe," the spokesperson said.
In June, ADNOC made a takeover proposal worth more than €10 billion which was rejected by Covestro; in August,ADNOC signaled that it could raise its offer if formal talks were agreed;Covestro confirmed in September that it had entered into open-ended discussions with ADNOC, according to media reports.
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