Mega deal in the chemical industry
Adnoc shortly before the end of the Covestro audit – shares are rising
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The oil company Adnoc has been trying to take over the chemical company Covestro for months. Now several insiders are reporting that the review of the books is nearing its end. There is still a price of 62 euros per share in the DAX group.
According to insiders, the oil company Adnoc is about to complete the audit for the takeover of Covestro. The due diligence is in the final phase, three insiders said. “The bigger questions have been resolved,” one of them said. The deal could be announced in September. There is still a price of 62 euros per Covestro share. Covestro and Adnoc did not want to comment. Bloomberg also reported on it.

Covestro shares rose again on the stock exchange and were the biggest DAX winners. The Leverkusen-based plastics company announced at the end of June that it would enter into concrete negotiations with Adnoc.
After months of advertising, the oil company from Abu Dhabi had announced a possible offer of 62 euros per share, subject to the results of the Covestro audit. This would mean that the DAX group would be valued at 11.7 billion euros. CFO Christian Baier said at the end of July that there was progress in the talks with Adnoc and that the negotiations continued to be very constructive.
Covestro is the former plastics subsidiary of Bayer, which the pharmaceutical and agricultural group listed on the stock exchange in 2015. The company employs around 17,500 people worldwide, including almost 7,000 in Germany. Covestro produces intermediate products for the automobile, furniture, household appliances and construction industries. They are found in the foam of mattresses and car seats, but also in wind turbine blades.