Covestro rejects takeover offer from Adnoc
According to press reports, plastics manufacturer Covestro currently sees no basis for talks with the Arab oil company from Abu Dhabi.
According to insiders, the rejection was to be expected, as Covestro had previously emphasized several times that it wanted to maintain its independence. The allegedly proposed valuation of a good ten billion euros was also no basis for further talks for Covestro. In addition, Covestro doubted that the state-owned energy company from the United Arab Emirates was a suitable owner for significant parts of the Leverkusen-based company. The Covestro Board of Management is aid to have communicated this in a letter to Adnoc CEO Sultan Al Jaber. Both Covestro and Adnoc have not yet commented on the matter. Adnoc, which is currently showing great interest in production capacities where products from its petrochemical plants can be further processed into high-quality plastics, could increase its takeover bid for Covestro, analysts say. Adnoc is also said to be interested in know-how in chemical recycling. Covestro is strongly positioned in both technologies, which are important for the future of chemical production.
- wiwo.de (June 22, 2023)
- Photo: © Covestro