ADNOC Seals €14.7 Billion Deal to Buy Germany's Covestro

Oct 1, 2024, 06:58 AM

Abu Dhabi National Oil Company (ADNOC) has reached an agreement to acquire German chemical producer Covestro AG for approximately €14.7 billion ($16.4 billion). The deal represents one of the largest Middle Eastern acquisitions of a European company and aligns with ADNOC's strategic expansion into chemical production. Covestro's CEO anticipates the takeover to be completed in the second half of next year, with no significant changes expected to the company's governance structure post-acquisition. He also noted that the duration of the investment agreement is considerably longer than typical for such transactions.