ADNOC Considers Increasing Its Offer to Acquire Covestro

Two sources familiar with the matter told Reuters that the Abu Dhabi National Oil Company (ADNOC) has orally informed Covestro that it may submit a new written offer to acquire the German plastics and chemicals company at a price of 60 euros per share. The sources added that this would increase the non-binding offer from the oil giant to approximately 11.6 billion euros (12.63 billion dollars), provided the chemicals group agrees to enter into formal discussions. However, the sources confirmed that the mention of the new offer was not in writing and that Covestro would need some time to consider any next steps. ADNOC had previously raised its informal offer to 57 euros per share in July. Both companies declined to comment. Bloomberg News was the first to report this news.