Big Oil Still Betting On Plastics Despite Sector Going Bust

Back in September, we reported that Abu Dhabi National Oil Co (ADNOC) signaled a willingness to raise its informal offer to 60 euros per share for a valuation of $12.6 billion for German plastics and chemicals maker Covestro. The latest offer would represent a premium of nearly 30% to Covestro's share price. ADNOC last raised its informal offer to 57 euros per share in July, although no final decision has yet been made. ADNOC is going on a real M&A spree: Abu Dhabi’s national oil company is also looking to acquire Austria's integrated…