Abu Dhabi National Oil expected to make formal offer for Covestro

Abu Dhabi National Oil Company was expected to make a formal offer to acquire German plastic and chemicals manufacturer Covestro for approximately €14.4bn including debt, according to the Financial Times.

After circling it for over twelve months, Covestro opened its books to ADNOC back in June and agreed to hold in-depth talks, based on an improved indicative bid of €11.7bn, or €0.62 on a per share basis, and hopes that the pair can reach an agreement on core aspects, including its growth strategy.

As of 1145 BST, Covestro shares were up 1.19% at €55.96 each.

Reporting by Iain Gilbert at Sharecast.com