Covestro rejects initial takeover offer from oil major ADNOC

Recently, according to relevant sources, Covestro has rejected Abu Dhabi National Oil Company (Adnoc)’s preliminary takeover bid, citing the offer as “too low”. Adnoc recently proposed to Covestro a project worth more than 10 billion euros (110 billion), the Emirati company’s offer includes a price per share of around 55 euros. In this regard, Covestro…