Login

News Post

ADNOC to acquire German chemicals company Covestro for $16 bn

VCCircleVCCircle · 28d
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.

View Source

Comments

More Like this

ADNOC gets access to German firm Covestro's books after $12.5-bn takeover offer

ADNOC gets access to German firm Covestro's books after $12.5-bn takeover offer

Saint-Gobain to buy Dubai's FOSROC for around $1 bn

Saint-Gobain to buy Dubai's FOSROC for around $1 bn

Abu Dhabi's ADNOC to buy minority stake in ExxonMobil's Texas project

Abu Dhabi's ADNOC to buy minority stake in ExxonMobil's Texas project

Grapevine: Zydus joins Torrent in race for JB Chemicals; The New Shop eyes 24Seven

Grapevine: Zydus joins Torrent in race for JB Chemicals; The New Shop eyes 24Seven

Abu Dhabi AI company Presight takes majority stake in tech venture AIQ

Abu Dhabi AI company Presight takes majority stake in tech venture AIQ

Everstone set to exit Calibre Chemicals, appoints JP Morgan

Everstone set to exit Calibre Chemicals, appoints JP Morgan

AI added $500 million of extra value in 2023: Abu Dhabi Oil Company

AI added $500 million of extra value in 2023: Abu Dhabi Oil Company

GIC-backed AM Green to buy Finnish firm Chempolis, Fortum’s Bio2X

GIC-backed AM Green to buy Finnish firm Chempolis, Fortum’s Bio2X

Alpha Dhabi Holding to sell stake in oilfield services firm to JV with ADNOC Drilling

Alpha Dhabi Holding to sell stake in oilfield services firm to JV with ADNOC Drilling

Aditya Birla Group’s TMRW Picks Up 16% Stake In Virat Kohli-Backed WROGN

Aditya Birla Group’s TMRW Picks Up 16% Stake In Virat Kohli-Backed WROGN

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