News on Medial

ADNOC to acquire German chemicals company Covestro for $16 bn

VCCircleVCCircle · 1m
ADNOC to acquire German chemicals company Covestro for $16 bn

- Abu Dhabi's ADNOC acquires German chemicals company Covestro for $16 billion, making it ADNOC's largest-ever acquisition. - The deal aims to reduce the Gulf state's dependence on oil and increase investment in cleaner energy sources. - ADNOC plans to expand its presence in petrochemicals, gas, and renewable energy through the acquisition. - The transaction includes a cash deal of 62 euros per share and the assumption of around 3 billion euros in debt. - Covestro is seen as a growth platform for ADNOC, with expectations that the chemicals sector will outpace GDP growth. - The acquisition includes measures to limit ADNOC's control over Covestro, such as maintaining labor representation and securing management's strategic direction.

Comments

Download the medial app to read full posts, comements and news.