Abu Dhabi National Oil Co ADNOC to Increase Buying Offer Price of Germany Chemical & Polymer Giant Covestro to €60 at $12.4 Billion Valuation, In Open Discussion Since June 2023 with Earlier Offers of €55 & €57
28th December 2023 | Hong Kong
Abu Dhabi National Oil Co (ADNOC) is increasing the buying offer price of Germany chemical & polymer giant Covestro to €60 at $12.4 billion (€11.3 billion) valuation, with both parties in open discussion since June 2023 and with earlier offers of €55 and €57. Covestro is one of the world’s leading manufacturers of high-quality polymer materials and their components. Abu Dhabi National Oil Co is founded in 1971 (ADNOC ), and is a leading diversified energy group, wholly owned by the Abu Dhabi Government. Covestro is one of the world’s leading manufacturers of high-quality polymer materials and their components.
“ Abu Dhabi National Oil Co ADNOC to Increase Buying Offer Price of Germany Chemical & Polymer Giant Covestro to €60 at $12.4 Billion Valuation, In Open Discussion Since June 2023 with Earlier Offers of €55 & €57 “
Abu Dhabi National Oil Co ADNOC to Increase Buying Offer Price of Germany Chemical & Polymer Giant Covestro to €60 at $12.4 Billion Valuation
Founded in 1971, ADNOC is a leading diversified energy group, wholly owned by the Abu Dhabi Government. Our network of fully integrated businesses operates across the energy value chain, helping us to responsibly meet the demands of an ever-changing energy market.
Covestro is one of the world’s leading manufacturers of high-quality polymer materials and their components. With its innovative products, processes and methods, the company helps enhance sustainability and the quality of life in many areas. Covestro supplies customers around the world in key industries such as mobility, building and living, as well as the electrical and electronics sector. In addition, polymers from Covestro are also used in sectors such as sports and leisure, cosmetics and health, as well as in the chemical industry itself.
The company is committed to becoming fully circular and is striving to become climate neutral by 2035 (scope 1 and 2). Covestro generated sales of EUR 18 billion in fiscal 2022. At the end of 2022, the company had 50 production sites worldwide and employed approximately 18,000 people (calculated as full-time equivalents).
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