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Abu Dhabi’s nationwide oil firm has agreed a €14.7bn deal to purchase German chemical substances group Covestro in one of many largest European takeovers this 12 months.
Adnoc, which has been pursuing Covestro since final 12 months, has provided €62 per share for the German firm. It’ll additionally inject €1.17bn of latest cash into the chemical substances group.
Adnoc chief government Sultan Ahmed Al Jaber mentioned: “As a worldwide chief and industrial pioneer in chemical substances, Covestro brings unmatched experience in high-tech speciality chemical substances and supplies, utilizing superior applied sciences together with AI.”
The two sides have been in talks since Adnoc made an preliminary casual provide in September 2023.
Covestro initially rejected presents of beneath €60 a share after which debated whether or not its sustainability drive can be undermined by possession by Adnoc.
Markus Steilemann, chief government of Covestro, mentioned: “With Adnoc Worldwide’s help, we can have a good stronger basis for sustainable progress in extremely enticing sectors and might make a good higher contribution to the inexperienced transformation.”
Adnoc mentioned it had requested the Covestro administration staff to remain on after the completion of the deal. It additionally mentioned it could help “the commitments made to Covestro’s workers and has undertaken to uphold present works council, collective bargaining, and related agreements”.
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