Covestro: ADNOC to make E14.4 billion takeover bid

(CercleFinance.com) - According to the FT, Abu Dhabi National Oil Company (ADNOC) is about to make a takeover offer for the Covestro chemicals company.
The offer would be for E14.4 billion, including debt.

According to the FT, the oil company is expected to finalize its takeover bid in the last week of August.

The acquisition of the German group could be the largest acquisition in Europe by 2024, and one of the biggest ever in the chemicals sector", Invest Securities reported this morning.

"Covestro is currently capitalized at 10.2 billion euros, with an EV of 12.7 billion euros, so the premium would be +13%, bearing in mind that the share price is up +14% after the takeover rumors. Covestro currently has 2025-26th PEs of 24.7x-16.1x' indicates Invest Securities.

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