DThe Abu Dhabi National Oil Company (Adnoc), an oil and gas conglomerate, has expressed interest in acquiring the German chemical giant Covestro. Whether or not an agreement between the companies will be reached and in what form is uncertain and will depend on the outcome of the upcoming discussions, according to Covestro. The takeover offer from Abu Dhabi is causing a stir not only within the chemical industry but also beyond.
The plastic manufacturer generated a revenue of approximately 18 billion euros last year and employs around 18,000 workers. Analysts view the acquisition of the oil and gas company Adnoc as a result of German location policy and high energy prices, which particularly affect chemical companies. However, there are also hopes for the German location associated with the potential takeover.
Source: welt.de