Abu Dhabi National Oil (Adnoc) Offered 60 Euros per Share for Covestro

The state-owned oil company, Abu Dhabi National Oil (Adnoc), has reportedly made an offer of 60 euros per share to the chemical company Covestro. According to insiders, with this offer and a few concessions, the Arabs aim to clear the way for a thorough examination of Covestro's books, known as a Due Diligence process. Bloomberg news agency reported on Thursday, citing sources familiar with the matter. This offer would value Covestro at around 11.3 billion euros. Just two days ago, Bloomberg reported on the planning of such a move. If Adnoc were to submit an official offer for the DAX-listed company, it would likely trigger a reporting obligation. A Covestro spokesperson emphasized on Thursday that the situation regarding Adnoc remains unchanged: as previously announced in September, open-ended discussions are being held. As a result, the Covestro share price briefly rose on Thursday, but only temporarily.