Abu Dhabi's ADNOC has struck a deal to buy German chemicals maker Covestro for 14.7 billion euros ($16.3 billion), including debt, in the energy giant's biggest ever acquisition.

Abu Dhabi National Oil Company (ADNOC), through its subsidiary ADNOC International, has signed an agreement to acquire German chemical manufacturer Covestro for €11.7bn (Dh47.43bn). The acquisition terms include a public takeover offer for all outstanding shares of Covestro at €62 per share.

ADNOC to acquire Covestro for €15.9B, marking one of this year's largest deals and transforming the chemicals producer into an energy company.

Abu Dhabi National Oil Co. reached a deal to buy chemical producer Covestro AG for about €11.7 billion ($13 billion), in what’s set to be the biggest Middle Eastern acquisition of a European firm.

The deal marks a cornerstone for ADNOC’s plans to grow its petrochemicals business along with gas and renewable energy.

There are no plans to sell, close or significantly reduce its business activities as part of the transaction, Covestro officials said.

Adnoc enters into investment agreement with Covestro and publishes its decision to launch a voluntary public takeover offer for German chemicals giant

ABU Dhabi’s Adnoc has struck a deal to buy German chemicals maker Covestro for 14.7 billion euros (S$21 billion), including debt, in the energy giant’s biggest ever acquisition. Read more at The Business Times.