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Mergers & Acquisitions

ADNOC reportedly makes bid for Covestro

by Alex Scott
June 23, 2023 | A version of this story appeared in Volume 101, Issue 20
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Abu Dhabi National Oil Company (ADNOC) has made a preliminary takeover offer for the German chemical giant Covestro, according to a report by Bloomberg. ADNOC’s offer would value Covestro at about $11 billion. Covestro declined to comment, but Bloomberg reported Covestro rejected the offer. In May, ADNOC and the private equity firm Apollo Global Management made an offer to buy a controlling stake in the Brazilian petrochemical maker Braskem.

Chemical & Engineering News
ISSN 0009-2347
Copyright © 2024 American Chemical Society

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