Toluene diisocyanate manufacturer News ADNOC prepares to increase tender offer for Covestro

ADNOC prepares to increase tender offer for Covestro

ADNOC prepares to increase tender offer for Covestro

Abu Dhabi National Oil Company (ADNOC) is preparing to increase its initial offer for Covestro and offer concessions to pave the way for the start of detailed due diligence, people familiar with the matter said.

ADNOC plans to submit a new proposal of about 60 euros per share as soon as the next few days, which would value Covestro at about 11.3 billion euros ($12.3 billion), according to people familiar with the matter. The company plans to commit to providing job security for several years and an investment of about $8 billion after the deal closes, people familiar with the matter said.

The two sides began talks in September after Covestro considered informal offers of 55 euros and 57 euros per share to be too low.

Deliberations are currently underway and ADNOC may choose to wait until the New Year before sending a revised bid, people familiar with the matter said.

ADNOC's pursuit of Covestro is part of the oil producer's efforts to diversify crude oil, a strategy that other Middle Eastern companies are following. Adnoc has offered to buy a stake in Brazilian petrochemicals producer Braskem and is in the process of striking a deal with Austria's OMV to create a petrochemical company worth more than 30 billion euros.

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