The Leverkusen-based plastics manufacturer Covestro continues negotiations with the state-owned oil company Adnoc from Abu Dhabi, which already signaled interest in an acquisition almost a year ago.

According to insiders, the offer has now risen to about 60 euros per share. A takeover by Adnoc would give the group access to advanced material technologies, which are used, among other things, in electric vehicles and building insulation.

Covestro CEO Markus Steilemann emphasized at the annual general meeting that time will be taken in negotiations to find the best possible solution for all parties involved, without being pressured by legal deadlines. "We are not subject to any specific legal time frames or timelines," Steilemann explained.

The stock price of Covestro, once a subsidiary of Bayer, fluctuated on Wednesday on the XETRA stock exchange momentarily at around 50.66 euros, representing a slight decline of 0.59 percent.

The potential acquisition by Adnoc could mean for Covestro to become part of a globally operating group that produces not only oil but also refinery products and petrochemicals.