Middle Eastern state firms are becoming increasingly ambitious as they scour the globe for acquisitions, targeting everything from a top European plastics producer to major mining operations.
In just the last 24 hours, news of nearly $20 billion in potential deals has emerged. Abu Dhabi energy giant Adnoc made a preliminary approach for German chemical producer Covestro AG, Bloomberg News reported Tuesday, triggering a record jump in the stock. It’s considering an offer that could value the business at almost €11 billion ($12 billion) and rank as its biggest-ever overseas takeover.
Saudi Arabia’s sovereign fund is in advanced talks to buy a roughly $2.5 billion stake in Vale SA’s base metal unit, people with knowledge of the matter said. It’s part of a plan by the country to snap up minority stakes in a range of iron ore, copper, nickel and lithium assets globally.
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