By Alexander Miller, consultant in energy markets – Eurasia Business News. October 1, 2024. Article no 1245.

Abu Dhabi’s state-owned oil company, ADNOC, has finalized a significant acquisition of the German chemical producer Covestro AG for approximately €12.9 billion (around $13 billion). This deal, which is set to be one of the largest acquisitions of a European firm by a Middle Eastern company, involves ADNOC offering €62 per share for Covestro.

Negotiations have been ongoing since mid-2023, with discussions focusing on various aspects including pricing and job security for Covestro’s employees. The deal has received necessary approvals from senior officials in Abu Dhabi.

This acquisition not only enhances ADNOC’s portfolio but also marks a pivotal moment in the global energy transition as Gulf states seek to reduce their economies’ reliance on oil.

ur community already has nearly 135,000 readers!

Subscribe to our Telegram channel

Notify me when a new article is published:

Follow us on Telegram, Facebook and Twitter

© Copyright 2024 – Eurasia Business News. Article No. 1245.