Adnoc ups its bid for Covestro takeover: German chemicals company Covestro is now in formal negotiations with the Abu Dhabi National Oil Company (Adnoc) for a potential takeover agreement after Adnoc presented a revised offer for the company, Covestro said in a press release. Adnoc is now offering EUR 62 per share, valuing Covestro at around EUR 11.7 bn.

Moving forward after lots of stalling: The two companies are now moving forward with negotiations following a year of stalled talks, with Covestro signaling the two “can generally reach a common understanding regarding core aspects of a possible transaction.” Covestro held supervision meetings mid-June to discuss allowing Adnoc to perform due diligence. Due diligence was expected to happen this month, with the revised bid expected to be made in July, according to previous media reports.

Covestro is giving Adnoc no assurances: Covestro has provided Adnoc due diligence information but stated that “there is no certainty whether the upcoming negotiations will lead to an agreement. There is also no certainty as to the final terms of any such agreement.” If the sale comes through, it would be Adnoc’s biggest-ever acquisition, Bloomberg reports.

This is Adnoc’s final offer: Adnoc confirmed that EUR 62 per share is its final offer, Bloomberg reports, citing an Adnoc statement. Over the past year, Adnoc increased its bid three times, from EUR 55 to EUR 57 and then to EUR 60 per share. The oil giant recently received approval from top officials to raise its offer, contingent on completing thorough due diligence, according to Bloomberg, citing sources familiar with the matter. Reuters and the Financial Times also had the story.

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