Shares of the German chemicals giant Covestro (1COV.DE, former Bayer unit) gains almost 6% today as Abu Dhabi’s state-owned firm ADNOC agreed to acquire Covestro for 14.7 billion euros (almost $16.4 billion); with 54% premium to Covestro closing price on June 19, when first information about the possible deal were released by the press.
- ADNOC seeks for diversification of its portfolio. ADNOC has been looking to increase its footprint in the chemicals sector as it seeks to diversify its portfolio. According to ADNOC, Covestro 'brings unmatched expertise in high-tech specialty chemicals and materials, using advanced technologies including AI'.
- National Abu-Dhabi's giant also signed an investment agreement in which it pledged to provide additional funding by acquiring 1.17 billion euros worth of new shares of Covestro from a capital increase. Covestro manufactures polymer for construction and engineering; used in telecom, sport and global chemical industry.
If the deal will finally happen, it will be the largest business agreement between a strategic Middle East investor and DAX-listed company. In such situation, Covestro will drop out of DAX and will be replaced (a new DAX-listed company is still unknown).
Source: xStation5
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