Adnoc Proposes Acquisition of Covestro - Purchase Proposal Submitted
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The moment has arrived: Covestro is set to be acquired by Adnoc. The oil titan has placed an offer on the table for the erstwhile Bayer subsidiary. In totality, the Abu Dhabi-based company is prepared to shell out approximately 15 billion euros for the DAX-listed firm.
Following numerous rounds of negotiations and investigations, the oil company Adnoc from Abu Dhabi has now formally taken over the plastic specialist Covestro. The former Bayer offshoot is assessed at 14.7 billion euros, including debt. Adnoc is offering 62 euros per share. The price was disclosed prior to the book critique.
Upon the completion of the deal, Adnoc will subscribe to a share issue boost for Covestro worth around 1.17 billion euros, as per the buyer's announcement. Adnoc will function as a "reliable, long-term, and trustworthy ally" for Covestro. Covestro reportedly endorses and backs the takeover proposal. Adnoc has been pursuing the company listed in the German major index DAX since last summer. Covestro eventually declared the initiation of concrete negotiations at the end of June.
In late 2015, Bayer put its former plastic division Material Science on the stock market under the name Covestro. The company is among the world's largest manufacturers of polymer materials, which are utilized in various industries. These materials are a vital constituent in the manufacture of coatings, adhesives, and plastics, among other products. They can be found in mattresses, car seats, as well as in insulation and rotor blades of wind turbines.
Covestro generated 3.7 billion euros in the second quarter - slightly less than the preceding year. However, the operating result (EBITDA) declined by approximately 17 percent to 320 million euros. The company operates close to 50 manufacturing sites worldwide and employs around 18,000 people, according to its own claims, with around 7,000 of them in Germany.
Established in 1971, the company Adnoc is a substantial oil and gas producer. The company also oversees a network of oil refineries and has ventured into trading and sales activities. In recent times, the company has aimed to enter the chemical production sector as a new revenue source with varying success.
The acquisition of Covestro by Adnoc signifies a significant step in the realm of ['Acquisitions and mergers']. This move marks Adnoc's entry into the chemical production sector, aiming to diversify its revenue sources.
The deal, valued at approximately 15 billion euros, includes Covestro's debt, and Adnoc is offering 62 euros per share for the plastic specialist. This ['Acquisitions and mergers'] agreement will transform Covestro's position, with Adnoc serving as a long-term and reliable ally.
