Covestro in "Concrete Transaction Negotiations" for $12.5B ADNOC Takeover

The year-long efforts of Abu Dhabi National Oil Company (ADNOC) to acquire German chemicals firm Covestro moved a step closer to a successful conclusion after Covestro said on Monday it had decided to “enter into concrete negotiations with Adnoc” and open its books for due diligence on a proposed $12.5 billion (11.7 billion euros) deal. Covestro’s board has decided to enter into these talks with ADNOC regarding a potential transaction after Abu Dhabi’s state energy firm has raised its offer.   “Starting point…