{"id":97247,"date":"2024-10-28T00:00:00","date_gmt":"2024-10-28T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/uae\/covestro-shareholders-have-until-27-november-to-accept-adnoc-takeover-bid\/"},"modified":"2024-10-28T00:00:00","modified_gmt":"2024-10-28T00:00:00","slug":"covestro-shareholders-have-until-27-november-to-accept-adnoc-takeover-bid","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/uae\/2024\/10\/28\/covestro-shareholders-have-until-27-november-to-accept-adnoc-takeover-bid\/","title":{"rendered":"Covestro shareholders have until 27 November to accept Adnoc takeover bid"},"content":{"rendered":"

Acceptance period for Adnoc's Covestro takeover bid kicks off: <\/strong>The acceptance period for Adnoc\u2019s voluntary public takeover offer for German chemicals manufacturer Covestro has started and will end on 27 November, Reuters<\/a> reports. <\/p>\n

What\u2019s an acceptance period? <\/strong>Under German law, the acceptance period starts as soon as the official offer documents are published, and can be extended in the event of a rival bid with a longer acceptance period or if the offer is amended in the final two weeks of the acceptance period, or if the target firm requests a general meeting. The company is required to publish the acceptance rate of the offer among voting shareholders weekly until the start of the final week of the period and daily during the final week. A grace period of two weeks following the end of the acceptance period will be available for shareholders who have yet to accept the offer. <\/p>\n

The details:<\/strong> The offer price is set at EUR 62 per share (c. USD 67.06), which amounts to a premium of some 54% over Covestro's unaffected share price prior to the announcement, making it the biggest acquisition from a Middle Eastern buyer in Europe in 16 years.<\/p>\n

Background:<\/strong> Adnoc has been in ongoing negotiations for the takeover for more than a year. Earlier this month<\/a>, Adnoc confirmed its agreement to acquire Covestro for EUR 14.7 bn (c. USD 16.3 bn), which includes EUR 3 bn in debt. The state-owned oil giant plans to purchase EUR 1.17 bn worth of new shares from Covestro as part of a 10% capital increase.<\/p>\n

OTHER M&A NEWS- <\/p>\n

Emirati investment firm <\/strong>Fundament Capital Investment Management<\/a><\/strong> now owns a 6.86<\/strong>% stake<\/strong> in the Moscow Exchange<\/strong>, Interfax<\/a> reports. The main shareholders of the Moscow Exchange are now the Bank of Russia with an 11.7% share, Sberbank with 10%, and Vnesheconombank (VEB) with 8.4%, while US-based State Street Bank and Trust Company\u2019s stake in the exchange dropped to 2% from 5.3% following the transaction.<\/p>\n","protected":false},"excerpt":{"rendered":"

The voluntary public takeover period ends on 27 November<\/p>\n","protected":false},"author":1,"featured_media":97248,"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":[2392],"tags":[57,551,7,1344,60],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-97247","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ma-watch-2","tag-adnoc","tag-covestro","tag-enterpriseam-uae","tag-ma","tag-ma-watch","wpautop","entry"],"acf":{"mongo_id":"d9b20268-8353-4ba1-bd79-e8cbdacd18f9","order":"3","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/10\/2370.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Covestro shareholders have until 27 November to accept Adnoc takeover bid","related_issue":[97242],"teaser":"The voluntary public takeover period ends on 27 November","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/10\/.4346e7b5-0ec5-413e-a375-0258d88df189.mp3"},"yoast_head":"\nCovestro shareholders have until 27 November to accept Adnoc takeover bid - UAE<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/uae\/2024\/10\/28\/covestro-shareholders-have-until-27-november-to-accept-adnoc-takeover-bid\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Covestro shareholders have until 27 November to accept Adnoc takeover bid\" \/>\n<meta property=\"og:description\" content=\"The voluntary public takeover period ends on 27 November\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/uae\/2024\/10\/28\/covestro-shareholders-have-until-27-november-to-accept-adnoc-takeover-bid\/\" \/>\n<meta property=\"og:site_name\" content=\"UAE\" \/>\n<meta property=\"article:published_time\" content=\"2024-10-28T00:00:00+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/i0.wp.com\/ent.news\/2024\/10\/2370.jpg?fit=%2C&ssl=1\" \/>\n<meta name=\"author\" content=\"enterpriseam admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"enterpriseam admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/enterpriseam.com\/uae\/2024\/10\/28\/covestro-shareholders-have-until-27-november-to-accept-adnoc-takeover-bid\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/uae\/2024\/10\/28\/covestro-shareholders-have-until-27-november-to-accept-adnoc-takeover-bid\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/uae\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"Covestro shareholders have until 27 November to accept Adnoc takeover bid\",\"datePublished\":\"2024-10-28T00:00:00+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/uae\/2024\/10\/28\/covestro-shareholders-have-until-27-november-to-accept-adnoc-takeover-bid\/\"},\"wordCount\":327,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/uae\/#organization\"},\"image\":{\"@id\":\"https:\/\/enterpriseam.com\/uae\/2024\/10\/28\/covestro-shareholders-have-until-27-november-to-accept-adnoc-takeover-bid\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/i0.wp.com\/ent.news\/2024\/10\/2370.jpg?fit=%2C&ssl=1\",\"keywords\":[\"Adnoc\",\"Covestro\",\"EnterpriseAM UAE\",\"M&A\",\"M&A WATCH\"],\"articleSection\":[\"M&A WATCH\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/uae\/2024\/10\/28\/covestro-shareholders-have-until-27-november-to-accept-adnoc-takeover-bid\/\",\"url\":\"https:\/\/enterpriseam.com\/uae\/2024\/10\/28\/covestro-shareholders-have-until-27-november-to-accept-adnoc-takeover-bid\/\",\"name\":\"Covestro shareholders have until 27 November to accept Adnoc takeover bid - UAE\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/uae\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/uae\/2024\/10\/28\/covestro-shareholders-have-until-27-november-to-accept-adnoc-takeover-bid\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/enterpriseam.com\/uae\/2024\/10\/28\/covestro-shareholders-have-until-27-november-to-accept-adnoc-takeover-bid\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/i0.wp.com\/ent.news\/2024\/10\/2370.jpg?fit=%2C&ssl=1\",\"datePublished\":\"2024-10-28T00:00:00+00:00\",\"breadcrumb\":{\"@id\":\"https:\/\/enterpriseam.com\/uae\/2024\/10\/28\/covestro-shareholders-have-until-27-november-to-accept-adnoc-takeover-bid\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/enterpriseam.com\/uae\/2024\/10\/28\/covestro-shareholders-have-until-27-november-to-accept-adnoc-takeover-bid\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/enterpriseam.com\/uae\/2024\/10\/28\/covestro-shareholders-have-until-27-november-to-accept-adnoc-takeover-bid\/#primaryimage\",\"url\":\"https:\/\/i0.wp.com\/ent.news\/2024\/10\/2370.jpg?fit=%2C&ssl=1\",\"contentUrl\":\"https:\/\/i0.wp.com\/ent.news\/2024\/10\/2370.jpg?fit=%2C&ssl=1\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/enterpriseam.com\/uae\/2024\/10\/28\/covestro-shareholders-have-until-27-november-to-accept-adnoc-takeover-bid\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/enterpriseam.com\/uae\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Covestro shareholders have until 27 November to accept Adnoc takeover bid\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/enterpriseam.com\/uae\/#website\",\"url\":\"https:\/\/enterpriseam.com\/uae\/\",\"name\":\"UAE\",\"description\":\"The State of the Nation\",\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/uae\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/enterpriseam.com\/uae\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Organization\",\"@id\":\"https:\/\/enterpriseam.com\/uae\/#organization\",\"name\":\"UAE\",\"url\":\"https:\/\/enterpriseam.com\/uae\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/enterpriseam.com\/uae\/#\/schema\/logo\/image\/\",\"url\":\"https:\/\/ent.news\/internal\/42998.svg\",\"contentUrl\":\"https:\/\/ent.news\/internal\/42998.svg\",\"caption\":\"UAE\"},\"image\":{\"@id\":\"https:\/\/enterpriseam.com\/uae\/#\/schema\/logo\/image\/\"}},{\"@type\":\"Person\",\"@id\":\"https:\/\/enterpriseam.com\/uae\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\",\"name\":\"enterpriseam admin\",\"sameAs\":[\"http:\/\/enterpriseam.testing.projectsarea.com\"],\"url\":\"https:\/\/enterpriseam.com\/uae\/author\/enterpriseam\/\"}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"Covestro shareholders have until 27 November to accept Adnoc takeover bid - UAE","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/enterpriseam.com\/uae\/2024\/10\/28\/covestro-shareholders-have-until-27-november-to-accept-adnoc-takeover-bid\/","og_locale":"en_US","og_type":"article","og_title":"Covestro shareholders have until 27 November to accept Adnoc takeover bid","og_description":"The voluntary public takeover period ends on 27 November","og_url":"https:\/\/enterpriseam.com\/uae\/2024\/10\/28\/covestro-shareholders-have-until-27-november-to-accept-adnoc-takeover-bid\/","og_site_name":"UAE","article_published_time":"2024-10-28T00:00:00+00:00","og_image":[{"url":"https:\/\/i0.wp.com\/ent.news\/2024\/10\/2370.jpg?fit=%2C&ssl=1","type":"","width":"","height":""}],"author":"enterpriseam admin","twitter_card":"summary_large_image","twitter_misc":{"Written by":"enterpriseam admin","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/enterpriseam.com\/uae\/2024\/10\/28\/covestro-shareholders-have-until-27-november-to-accept-adnoc-takeover-bid\/#article","isPartOf":{"@id":"https:\/\/enterpriseam.com\/uae\/2024\/10\/28\/covestro-shareholders-have-until-27-november-to-accept-adnoc-takeover-bid\/"},"author":{"name":"enterpriseam admin","@id":"https:\/\/enterpriseam.com\/uae\/#\/schema\/person\/ca597032db7e4db868359c123cec256d"},"headline":"Covestro shareholders have until 27 November to accept Adnoc takeover bid","datePublished":"2024-10-28T00:00:00+00:00","mainEntityOfPage":{"@id":"https:\/\/enterpriseam.com\/uae\/2024\/10\/28\/covestro-shareholders-have-until-27-november-to-accept-adnoc-takeover-bid\/"},"wordCount":327,"publisher":{"@id":"https:\/\/enterpriseam.com\/uae\/#organization"},"image":{"@id":"https:\/\/enterpriseam.com\/uae\/2024\/10\/28\/covestro-shareholders-have-until-27-november-to-accept-adnoc-takeover-bid\/#primaryimage"},"thumbnailUrl":"https:\/\/i0.wp.com\/ent.news\/2024\/10\/2370.jpg?fit=%2C&ssl=1","keywords":["Adnoc","Covestro","EnterpriseAM UAE","M&A","M&A WATCH"],"articleSection":["M&A WATCH"],"inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/enterpriseam.com\/uae\/2024\/10\/28\/covestro-shareholders-have-until-27-november-to-accept-adnoc-takeover-bid\/","url":"https:\/\/enterpriseam.com\/uae\/2024\/10\/28\/covestro-shareholders-have-until-27-november-to-accept-adnoc-takeover-bid\/","name":"Covestro shareholders have until 27 November to accept Adnoc takeover bid - UAE","isPartOf":{"@id":"https:\/\/enterpriseam.com\/uae\/#website"},"primaryImageOfPage":{"@id":"https:\/\/enterpriseam.com\/uae\/2024\/10\/28\/covestro-shareholders-have-until-27-november-to-accept-adnoc-takeover-bid\/#primaryimage"},"image":{"@id":"https:\/\/enterpriseam.com\/uae\/2024\/10\/28\/covestro-shareholders-have-until-27-november-to-accept-adnoc-takeover-bid\/#primaryimage"},"thumbnailUrl":"https:\/\/i0.wp.com\/ent.news\/2024\/10\/2370.jpg?fit=%2C&ssl=1","datePublished":"2024-10-28T00:00:00+00:00","breadcrumb":{"@id":"https:\/\/enterpriseam.com\/uae\/2024\/10\/28\/covestro-shareholders-have-until-27-november-to-accept-adnoc-takeover-bid\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/enterpriseam.com\/uae\/2024\/10\/28\/covestro-shareholders-have-until-27-november-to-accept-adnoc-takeover-bid\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/enterpriseam.com\/uae\/2024\/10\/28\/covestro-shareholders-have-until-27-november-to-accept-adnoc-takeover-bid\/#primaryimage","url":"https:\/\/i0.wp.com\/ent.news\/2024\/10\/2370.jpg?fit=%2C&ssl=1","contentUrl":"https:\/\/i0.wp.com\/ent.news\/2024\/10\/2370.jpg?fit=%2C&ssl=1"},{"@type":"BreadcrumbList","@id":"https:\/\/enterpriseam.com\/uae\/2024\/10\/28\/covestro-shareholders-have-until-27-november-to-accept-adnoc-takeover-bid\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/enterpriseam.com\/uae\/"},{"@type":"ListItem","position":2,"name":"Covestro shareholders have until 27 November to accept Adnoc takeover bid"}]},{"@type":"WebSite","@id":"https:\/\/enterpriseam.com\/uae\/#website","url":"https:\/\/enterpriseam.com\/uae\/","name":"UAE","description":"The State of the Nation","publisher":{"@id":"https:\/\/enterpriseam.com\/uae\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/enterpriseam.com\/uae\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/enterpriseam.com\/uae\/#organization","name":"UAE","url":"https:\/\/enterpriseam.com\/uae\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/enterpriseam.com\/uae\/#\/schema\/logo\/image\/","url":"https:\/\/ent.news\/internal\/42998.svg","contentUrl":"https:\/\/ent.news\/internal\/42998.svg","caption":"UAE"},"image":{"@id":"https:\/\/enterpriseam.com\/uae\/#\/schema\/logo\/image\/"}},{"@type":"Person","@id":"https:\/\/enterpriseam.com\/uae\/#\/schema\/person\/ca597032db7e4db868359c123cec256d","name":"enterpriseam admin","sameAs":["http:\/\/enterpriseam.testing.projectsarea.com"],"url":"https:\/\/enterpriseam.com\/uae\/author\/enterpriseam\/"}]}},"featured_image_src":"https:\/\/i0.wp.com\/ent.news\/2024\/10\/2370.jpg?resize=600%2C400&ssl=1","featured_image_src_square":"https:\/\/i0.wp.com\/ent.news\/2024\/10\/2370.jpg?resize=600%2C600&ssl=1","author_info":{"display_name":"enterpriseam admin","author_link":"https:\/\/enterpriseam.com\/uae\/author\/enterpriseam\/"},"jetpack_featured_media_url":"https:\/\/i0.wp.com\/ent.news\/2024\/10\/2370.jpg?fit=%2C&ssl=1","jetpack_sharing_enabled":true,"jetpack-related-posts":[],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/uae\/wp-json\/wp\/v2\/posts\/97247","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/uae\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/uae\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/uae\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/uae\/wp-json\/wp\/v2\/comments?post=97247"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/uae\/wp-json\/wp\/v2\/posts\/97247\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/uae\/wp-json\/wp\/v2\/issue\/97242"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/uae\/wp-json\/wp\/v2\/media\/97248"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/uae\/wp-json\/wp\/v2\/media?parent=97247"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/uae\/wp-json\/wp\/v2\/categories?post=97247"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/uae\/wp-json\/wp\/v2\/tags?post=97247"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/uae\/wp-json\/wp\/v2\/brand?post=97247"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/uae\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=97247"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}