Abu Dhabi’s state oil giant, ADNOC, has agreed to acquire German chemicals producer Covestro for €14.7 billion ($16.4 billion). This represents one of the largest foreign takeovers by a Gulf state, signaling the UAE’s commitment to reducing its dependency on oil during the energy transition.
ADNOC announced a voluntary public offer of €62 per share for Covestro, a former Bayer unit. The deal includes buying €1.17 billion worth of new shares from Covestro’s capital increase to aid in funding the acquisition.