December 24, 2024 [Market Screener]- The billion-euro takeover of Covestro by the Arab oil giant Adnoc is on the home straight.
Adnoc has now acquired 91.3 percent of the shares in the Leverkusen-based plastics manufacturer, Adnoc announced on Thursday. The transaction is expected to be completed in the second half of 2025. Adnoc intends to acquire the DAX-listed company, including debt, for up to 16 billion euros.
After months of courting, the Abu Dhabi state-owned company agreed on an offer with Covestro at the beginning of October. Adnoc is paying 62 euros per share. Covestro shares are currently trading at 56 euros.
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