Oil Giant ADNOC Set to Make Formal $16-Billion Offer for Covestro

Abu Dhabi’s national oil company ADNOC is expected to soon make a formal offer to buy Germany’s chemicals giant Covestro for $15.9 billion (14.4 billion euros) including debt, the Financial Times reported on Wednesday, citing sources with knowledge of the plan. ADNOC, which pumps nearly all the oil in OPEC’s major producer the United Arab Emirates (UAE), has been looking to buy into chemicals and petrochemicals to diversify its downstream portfolio. The company has been pursuing Covestro for a year. If the German firm accepts…