German chemical company Covestro has agreed to enter into “open-ended” talks on a potential acquisition by the Abu Dhabi National Oil Company, after the Mideast state-owned energy group raised its offer to roughly €14bn.
Adnoc’s most recent offer for Covestro was €60 per share conveyed verbally, said people familiar with the matter. That marks an increase from June when it offered €55 per share, which at the time equated to a 40 per cent premium from Covestro’s undisturbed share price.
Covestro’s chief executive Markus Steilemann said in a statement: “The interest of Adnoc in our company underlines our strong position.” A representative for Adnoc declined to comment.
Read the full story on the Financial Times here.