ADNOC buys German chemical company Covestro for €14.7 billion – Kommersant
UAE state oil company Abu Dhabi National Oil Co. (ADNOC) announced the signing of an investment agreement agreements with the German chemical company Covestro. Under the terms of the deal, ADNOC will buy all shares of the chemical manufacturer for €14.7 billion.
The Emirates oil company offered to buy Covestro shares at €62 each, 54% above their market value on June 19, 2023 - the day before rumors of a possible deal first emerged.
Covestro is a former division of Bayer that was spun off into a separate company in 2015. Bayer finally exited Covestro in 2018. The chemical company's revenue at the end of last year amounted to €14.4 billion. At the same time, the manufacturer remains unprofitable for the second year in a row: in 2023, the company's net loss amounted to €198 million, and in 2022 - €272 million.
