Abu Dhabi targets largest-ever foreign takeover with €14.7bn offer for Germany’s Covestro

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Financial Times 19h ago

Abu Dhabi targets largest-ever foreign takeover with €14.7bn offer for Germany’s Covestro - Financial Times

Quick Summary:

Covestro’s main products are rigid and soft polyurethane foams, used for everything from the insulation in refrigerators to seat cushions, and polycarbonates that are used for the interiors and exteriors of cars, as well as casings for electric vehicle batteries.

Abu Dhabi National Oil Company said Covestro’s board had recommended its €62 a share offer, a premium of more than 50 per cent to the company’s share price before talks between the two sides were revealed about 16 months ago.

But Salmeen said Covestro was not reliant on the weak European market.“It is a global company, almost evenly split between North America, Europe and Asia.