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.