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Abu Dhabi’s ADNOC to buy Covestro for $16.4 billion

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Covestro’s headquarters in Leverkusen, Germany. The company has adjusted its full year guidance for 2022, citing a number of factors.

Ina Fassbender | AFP | Getty Images

Abu Dhabi’s state-owned oil firm ADNOC on Tuesday said it has agreed to buy German chemicals firm Covestro for 14.7 billion euros ($16.4 billion).

ADNOC will launch a 62 euros-per-share voluntary public takeover that implies an equity value for Covestro of around 11.7 billion euros and represents a premium of around 54% to Covestro’s closing price on June 19, Covestro said in a statement.

The deal represents an enterprise value of 14.7 billion euros, ADNOC said in a separate statement.

This is a breaking news story. Please refresh for updates.



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