For € 11.7 billion: Arab oil giant Adnoc covets Covestro
Leverkusen — The state-owned oil company Adnoc from the United Arab Emirates intends to take over the German plastics group Covestro for 11.7 billion euros.
Adnoc is offering 62 euros per share and also plans to buy new shares worth almost 1.2 billion euros via a capital increase.
Leverkusen-based Bayer floated its plastics division Covestro on the stock exchange in 2015 and cashed in.
Arab investors are now interested in the German company.
The state-owned oil company Adnoc from the United Arab Emirates wants to take over the German plastics group Covestro.
According to its own statements, the potential Arab buyer is offering 62 euros per share and valuing the shares in the DAX-listed company at 11.7 billion euros.
The company from Abu Dhabi is also considering buying shares worth almost EUR 1.2 billion from the Leverkusen-based company in a capital increase.
Together with Covestro’s debt of around three billion euros, Adnoc therefore intends to invest almost 16 billion euros.
The takeover had been expected for some time.
Covestro’s management supports the offer.