Covestro will probably be taken over by an oil company from the Emirates

Billion dollar deal

DAX group is about to be taken over

The oil company Adnoc will probably become the majority owner of Covestro. The state-owned company from Abu Dhabi is showing itself to be generous towards its shareholders.

The plastics manufacturer Covestro is most likely in Arab hands. The oil company Adnoc was offered almost 70 percent of the shares in the German group as part of its takeover offer. The DAX-listed company and the state-owned company from the United Arab Emirates announced this on Monday in Abu Dhabi and Frankfurt.

This significantly exceeded the offer's minimum acceptance threshold of 50 percent plus one share. In October the shareholding was given as 8.5 percent. However, the official approvals are still pending, according to the information. Covestro's top management supports the offer.

Shareholders who have not yet offered their shares can accept the offer until December 16th, it said. The Arabs are offering 62 euros per Covestro share. Most recently, the price was slightly below this bid at 57.72 euros.

The listed shares of the Leverkusen company are valued at 11.7 billion euros in Adnoc's offer. The Abu Dhabi company also wants to buy new shares worth almost 1.2 billion euros from the Leverkusen company through a capital increase. Together with Covestro's debts of around three billion euros, this all adds up to around 16 billion euros for Adnoc.