Article**: New Chemical Materials***
On December 19, according to Reuters Handelsblatt, Abu Dhabi National Oil Company (ADNOC) is preparing to sell an agreement per share60 euros** to CovestroLatestacquisition**, which could bring the German plastics and chemicals producer's valuation to the point of:Approximately 11.3 billion euros
Previously, ADNOC's acquisition of Covestro had not been possible due to lack of knowledge. However, since the project with OMV has been basically finalized [Read more:$30 billion!Merge!A 100 billion polyolefin giant is about to be establishedNow the negotiations may gain more momentum.
Acquisition History
June 20thAccording to Reuters, according to people familiar with the matter, ADNOC has approached Covestro to propose an acquisition worth more than 10 billion euros, an unofficial bid equivalent to about 55 euros per share. Not long after the news broke, Bloomberg News broke the news that Covestro had rejected ADNOC's initial offer on the grounds that the proposed valuation was not worth further negotiations. July 18thADNOC has raised the acquisition of Covestro** to about 11 billion euros, and this new acquisition** will increase Covestro to about 57 euros per share, according to people familiar with the matter, and ADNOC also hopes to persuade Covestro to participate in the negotiations. August-SeptemberThe news of ADNOC's proposed acquisition of Covestro has been discussed in the industry, and it has also been rumored that "Covestro has once again rejected ADNOC's new offer of 13 billion euros." message. September 8th, Covestro releases,Publicly stated and confirmedOpen-ended discussions on the ADNOC acquisition. In particular, the Covestro Management Board will discuss how to ensure the further implementation of the future- and sustainability-oriented corporate strategy, including the corresponding corporate governance regulations. 
Acquisition may be finalized 100 Families Assistance Plan Covestro's profits began to narrow due to continued weak global demand, which was reflected in the company's 2022 annual report, and this situation began in the third quarter of 2023Financial reports(Click to view) to see that it is still ongoing. Adnoc hopes to convince Covestro's management to enter into formal negotiations by further increasing the acquisition**.
However, throughout the acquisition journey, ADNOC has carefully moved towards its goals, but every step has been deliberate. According to an insider, the willingness to finally sit down at the formal negotiating table with Covestro management is firm. However, ADNOC has its own views on Covestro's share price potential. In other words,ADNOC doesn't expect Covestro's share price to return to where it was before80 eurosorHigher ** area
It is reported that ADNOC intends to submit a clear update in the next few days or until 2024, and they also hope to finalize the dealGuaranteedyearsJobsand approximately$8 billionofInvestments。Covestro declined to comment, and Adnoc did not immediately respond to Reuters' request for comment.
In addition, it is worth mentioning that through the acquisition of Covestro, ADNOC hopes to obtain modern chemical technologies for the ** and circular economy, that is, the use of renewable raw materials for production, in line with the new development trends of the global chemical industry [This can be seen from the recent developments of Borealis, please click here:$30 billion!Merge!A 100 billion polyolefin giant is about to be establishedThis requirement is also fully consistent with the "special discussions" mentioned in Covestro's public statement confirming the discussion of the ADNOC acquisition. (30 billion US dollars, about 2142 yuan.)800 million yuan).