German chemical company Covestro has rebuffed a €13bn approach from the Abu Dhabi National Oil Company, putting pressure on the state-owned energy company to raise its bid if it wishes to pursue a transaction.
Adnoc’s bid of roughly €13bn, which would have been one of the largest deals this year, was rejected by Covestro on Thursday, according to people familiar with the matter. Covestro did not rule out further engagement, the people said.
The offer valued Covestro’s shares at about €55 each, about a 40 per cent premium to its undisturbed share price of about €39 per share. That is equivalent to an almost €11bn valuation for the company’s equity, before taking debt and other factors into account.
Read the full story on the Financial Times here.