Adnoc is said to prepare higher bid for Covestro

Dec. 18, 2023 1:38 PM ETCovestro AG (CVVTF) Stock, COVTY StockBy: Rob Williams NY, SA News Editor

• Abu Dhabi National Oil Co. is readying a higher bid for Covestro (OTCPK:CVVTF) (OTCPK:COVTY) and is prepared to offer concessions to begin detailed due diligence, Bloomberg News reported Monday, citing people with knowledge of the matter.
• State-owned Adnoc is prepared to offer €60 a share as soon as the coming days, the people said. That price would value Covestro (OTCPK:CVVTF) (OTCPK:COVTY) at about €11.3 billion ($12.3 billion). Adnoc also is willing to offer job guarantees for several years and $8 billion of investments after closing the deal, Bloomberg News reported, citing its sources.
• Talks between the two companies started in September after informal bids of €55 and €57 a share that Covestro (OTCPK:CVVTF) (OTCPK:COVTY) rejected as too low. Covestro’s (OTCPK:CVVTF) (OTCPK:COVTY) stock has risen about 45% this year to €53 a share, valuing the petrochemical company at €10 billion.

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