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Covestro (OTCPK:CVVTF) (OTCPK:COVTY) +6.7% in Frankfurt trading on Monday after saying it has entered “concrete negotiations” with Abu Dhabi National Oil Company on a potential takeover that could value the German chemical company at ~€11.7B ($12.5B).
Adnoc said it has told Covestro (OTCPK:CVVTF) (OTCPK:COVTY) it is considering a potential offer of €62/share, subject to confirmatory due diligence.
Covestro (OTCPK:CVVTF) (OTCPK:COVTY) said the €62 price would be the “starting point” for negotiations, while Adnoc said the potential €62/share bid is its final offer, after raising several times over the past year from its first proposal of €55/share.
Separately, Bloomberg reported that Global Infrastructure Partners and Italy’s Snam (OTCPK:SNMRF) (OTCPK:SNMRY) are considering a potential sale of their stakes in Adnoc’s natural gas pipeline unit.