Covestro in 'open-ended' talks with ADNOC -spokesperson | Reuters
Covestro is in open-ended talks with Abu Dhabi National Oil Co (ADNOC), a spokesperson for the German plastics and chemicals maker said on Thursday, following a report that the oil giant is preparing to up its takeover bid for the company.
"We are in open-ended discussions with ADNOC. Open-ended refers to both the content and the timeframe," the spokesperson said.
The statement follows ADNOC submitting a preliminary offer of around 60 euros per share for Covestro AG, which would boost it non-binding bid to about 11.3 billion euros ($12.37 billion), people with knowledge of the situation said, speaking on condition of anonymity.
The non-binding offer includes job guarantees and 8 billion euros of investments, one of the people said.
Bloomberg first reported the news of ADNOC having submitted a preliminary bid of about 60 euros per share.
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