October 1, 2024 15:05

Abu Dhabi’s state-owned oil company ADNOC will launch a friendly takeover bid for the German chemical group Covestro, offering €62 per share — a 54% premium over June 2023 prices — and will subscribe to a capital increase, with the issuance of new shares amounting to 10% of the share capital, at the same value. The operation will involve an injection of €1.17 billion to support Covestro's Sustainable Future strategic plan.