Covestro Enters Formal Negotiations with Adnoc

Covestro – a leading polymer materials and chemicals producer – has announced that it has entered into formal negotiations with the Abu Dhabi National Oil Company (ADNOC) for a potential transaction value of nearly €14.4 billion. Discussions first began last year, but have now moved to the next stage following an increase in ADNOC’s offer from €60 to €62 per share.

Covestro (formerly known as BayerMaterialScience) is the world’s biggest producer of bisphenol, used in many consumer products to enhance its strength, and polycarbonates, which are favoured for their toughness, transparency, and resistance to high temperatures. At the end of 2023, Covestro had 48 production sites worldwide, employed approximately 17,500 people and provided solutions for diversified industries, including security and protection, packaging and printing, automotive, energy, construction, electronics, healthcare, mining, and others.