ADNOC Secures Majority Support for Covestro Acquisition
Deal News | Dec 02, 2024 | Zawya
Abu Dhabi National Oil Company (ADNOC) has announced that its takeover offer for Covestro, a leading German chemicals manufacturer, has received substantial shareholder support. The offer, valued at $16.3 billion, has surpassed the minimum acceptance threshold, securing approximately 70% approval from Covestro shareholders. The additional acceptance period for remaining shareholders has been scheduled from November 28 to December 16, indicating ADNOC's commitment to finalizing the acquisition. The closing of the transaction is anticipated in the latter half of 2025, marking a significant expansion for ADNOC into the global chemicals sector.
Sectors
- Chemicals
- Oil and Gas
Geography
- United Arab Emirates – ADNOC, the acquiring company, is based in Abu Dhabi, UAE.
- Germany – Covestro, the target company, is a German chemicals manufacturer.
Industry
- Chemicals – The article involves Covestro, a prominent German chemicals manufacturer, which is the focus of ADNOC's acquisition offer.
- Oil and Gas – ADNOC, the acquirer, is Abu Dhabi's state-owned oil company, reflecting the industry's interest in diversification into chemicals.
Financials
- 16.3 billion – The value of ADNOC's takeover offer for Covestro.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| ADNOC | Acquiring Company | Company | Abu Dhabi National Oil Company, a major oil producer making a strategic acquisition in the chemicals sector. |
| Covestro | Target Company | Company | A leading German chemicals manufacturer being acquired by ADNOC. |