ADNOC Reaches €11.7 Billion ($13 Billion) Deal to Acquire Germany's Covestro in Record Middle Eastern Takeover

Sep 30, 2024, 09:45 PM

Abu Dhabi National Oil Company (ADNOC) has reached a deal to acquire Covestro, a German chemical producer, for about €11.7 billion ($13 billion), according to people familiar with the matter. The acquisition, which aligns with ADNOC's strategy to expand into chemical production, is set to be the biggest Middle Eastern acquisition of a European firm. The Wall Street Journal reports that the deal is imminent.