{"id":96446,"date":"2024-10-03T00:00:00","date_gmt":"2024-10-03T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/uae\/adnoc-covestro-takeover-bayanat-yahsat-merger-makes-headlines\/"},"modified":"2024-10-03T00:00:00","modified_gmt":"2024-10-03T00:00:00","slug":"adnoc-covestro-takeover-bayanat-yahsat-merger-makes-headlines","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/uae\/2024\/10\/03\/adnoc-covestro-takeover-bayanat-yahsat-merger-makes-headlines\/","title":{"rendered":"Adnoc Covestro takeover, Bayanat + Yahsat merger makes headlines"},"content":{"rendered":"

More takes on Adnoc\u2019s Covestro takeover: <\/strong>Bloomberg<\/a> spoke with Abu Dhabi National Oil Company\u2019s (Adnoc) head of downstream business, Khaled Salmeen, about Adnoc\u2019s public takeover offer<\/a> to acquire German chemicals company Covestro<\/a> for EUR 14.7 bn (c. USD 16.3 bn). The state-run oil firm sees the transaction \u2014 Adnoc\u2019s biggest yet, and the biggest for a Middle OEast firm in Europe \u2014 as a strategic long-term investment, Salmeen says, explaining why the acquisition came with a hefty price tag. <\/p>\n

\u201cWe don\u2019t think in quarters, we think in years and decades,\u201d<\/strong> Salmeen said, adding that the company is a \u201cgrowth platform\u201d for Adnoc with strong fundamentals.<\/p>\n

The acquisition also got ink at <\/strong>Reuters<\/a><\/strong>.<\/strong><\/p>\n

ALSO- Bayanat and Al Yah Satellite Communications (Yahsat)\u2019s comple<\/strong>ted merger <\/strong>stood center<\/strong> in a CNBC interview (watch, runtime: 02:02<\/a>) with the new entity\u2019s managing director Karim Michel Sabbagh. Space42 plans to now direct focus to \u201chyperscaling\u201d regionally and globally while looking to \u201cfuse\u201d space technologies with AI, after debuting on the ADX on Wednesday<\/a>, Sabbagh said.<\/p>\n","protected":false},"excerpt":{"rendered":"

Adnoc sees the public takeover offer as a strategic long-term investment<\/p>\n","protected":false},"author":1,"featured_media":96447,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1551],"tags":[57,7,1344,492,41],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-96446","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uae-in-the-news","tag-adnoc","tag-enterpriseam-uae","tag-ma","tag-space42","tag-uae-in-the-news","wpautop","entry"],"acf":{"mongo_id":"21d9ba26-6366-4d33-8b40-5f1ad2ad0070","order":"10","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/4\/163.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Adnoc Covestro takeover, Bayanat + Yahsat merger made headlines","related_issue":[96429],"teaser":"Adnoc sees the public takeover offer as a strategic long-term investment","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/10\/.ca98bfd8-d8b6-4e8c-a818-33d7f9cd3076.mp3"},"yoast_head":"\nAdnoc Covestro takeover, Bayanat + Yahsat merger makes headlines - 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