Mideast Buyers in $20 Billion Deal Rush for Plastics, Metals - Bloomberg
Middle Eastern state firms are becoming increasingly ambitious as they scour the globe for acquisitions, targeting everything from a top European plastics producer to major mining operations.
In just the last 24 hours, news of nearly $20 billion in potential deals has emerged. Abu Dhabi energy giant Adnoc made a preliminary approach for German chemical producer Covestro AG, Bloomberg News reported Tuesday, triggering a record jump in the stock. It’s considering an offer that could value the business at almost €11 billion ($12 billion) and rank as its biggest-ever overseas takeover.
Saudi Arabia’s sovereign fund is in advanced talks to buy a roughly $2.5 billion stake in Vale SA’s base metal unit, people with knowledge of the matter said. It’s part of a plan by the country to snap up minority stakes in a range of iron ore, copper, nickel and lithium assets globally.
Chinese electric vehicle brand Nio Inc. said Tuesday it’s sealed a $739 million investment from an arm of the Abu Dhabi government. Meanwhile, Abu Dhabi wealth fund ADQ made an aborted attempt in recent months to buy Lazard Ltd., according to people with knowledge of the matter.
Top Persian Gulf countries are keen to take advantage of the recent period of higher crude prices to acquire assets internationally and further diversify their economies. The spending spree has ranged from industrial and financial assets to natural resources and renewables to sports and entertainment.
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