![UAE energy giant ADNOC offers 12 bn euros for Germany's Covestro](https://www.portugalcolonial.pt/media/shared/articles/ec/f8/d6/UAE-energy-giant-ADNOC-offers-12-bn-171978.jpg)
-
Messi a doubt for Argentina ahead of Copa quarter-final
-
British tennis ace Raducanu votes for 'lie-in' on election day
-
France film director Jacquot charged with raping two actors
-
Israel 'evaluating' new Hamas 'ideas' on halting Gaza war
-
Venezuela, US agree to 'improve relations,' says Caracas
-
Under-fire Kenya govt says to review state salary hikes
-
Thousands told to flee raging California wildfire
-
Osaka focuses on Olympics after Wimbledon KO
-
Tens of thousands flee south Gaza as tensions soar
-
US Fed officials stressed 'patience' on rate cuts: minutes
-
Blond not bombs as Fognini learns to love Wimbledon
-
New lithium plant inaugurated in Argentina
-
Threads hits 175 mn users on first anniversary
-
French court says Netflix shark hit can keep streaming in copycat row
-
Comeback king 'Cav' to carry on doing the thing he loves
-
Alcaraz marches on at Wimbledon as Osaka returns to Centre Court
-
Biden under pressure as Democratic panic rises
-
Belarus frees 'some political prisoners': exiled opposition leader
-
Alcaraz coasts into Wimbledon third round
-
Cavendish makes Tour de France history with 35th stage win
-
Everton sign forward Ndiaye from Marseille
-
Bailed Indian opposition leader to return as chief minister
-
World's oldest artwork discovered in Indonesian cave
-
Toney urges England to kick on after Euros reprieve
-
Murray teams up with Raducanu in Wimbledon mixed doubles
-
Former England rugby coach Jack Rowell dies aged 87
-
Hurricane Beryl bears down on Jamaica
-
US trade deficit expands less than expected in May: govt
-
'The god took away my son': Indians grieve after deadly stampede
-
Moscow hit by heat not seen in over a century
-
US private hiring eases unexpectedly in June: ADP
-
Confident Kroos says Germany-Spain clash 'won't be my last game'
-
Paris bars to open 24h for Olympics opening ceremony
-
Putin, Xi vie for influence at Central Asian summit
-
Germany, Sweden arrest eight over Syria crimes against humanity
-
French giant Mpetshi Perricard joins Wimbledon heavy artillery
-
Two-time Major winner Langer to make 'emotional' European Tour bow
-
French PM urges united front to stop far-right takeover
-
Olympic silver medallist gymnast Poujade dies at 51
-
Bhole Baba: preacher at centre of Indian stampede disaster
-
Microsoft to invest 2.2 bn euros in Spain data centres
-
Showdowns, young guns and own goals as Euro 2024 head into quarter-finals
-
Russia advances in east, kills five in Dnipro strikes
-
France prosecutors request rape charges against film director
-
Schumacher blackmail suspects had 'family photos'
-
EU clears Lufthansa's proposed ITA Airways stake, with conditions
-
Indian World Cup winners head home after hurricane delay
-
120,000 'stolen' babies: Georgia's trafficking scandal
-
Only far right can win absolute majority, French PM warns
-
Turkey ride 'best save' and wave of emotion into Euros quarters
![UAE energy giant ADNOC offers 12 bn euros for Germany's Covestro](https://www.portugalcolonial.pt/media/shared/articles/ec/f8/d6/UAE-energy-giant-ADNOC-offers-12-bn-171978.jpg)
UAE energy giant ADNOC offers 12 bn euros for Germany's Covestro
Chemical maker Covestro said Monday that it entered "concrete negotiations" with Emirati national energy firm ADNOC after the German group received a takeover offer worth nearly 12 billion euros ($12.8 billion).
Covestro's shares surged more than six percent in Frankfurt following the announcement, which comes after it first disclosed talks were ongoing with the UAE firm in September last year.
"The discussions so far have shown that Covestro and ADNOC can generally reach a common understanding regarding core aspects of a possible transaction," Covestro in a statement.
It said the "starting point" for talks was a "possible offer price" of 62 euros per share from ADNOC. This would value Covestro at 11.72 billion euros, according to an AFP calculation.
"At this time, there is no certainty whether the upcoming negotiations will lead to an agreement. There is also no certainty as to the final terms of any such agreement," said Covestro.
ADNOC welcomed Covestro's decision to start talks on its "final offer", adding in a statement that it looked forward to working with the German group to "swiftly progress" the matter.
The UAE firm is headed by Sultan Al Jaber, who was president of last year's COP28 climate talks in Dubai.
The German firm, based in Leverkusen, has expertise in areas such as chemical recycling that are key for the future of the industry, and which ADNOC is interested in.
Reports first emerged last year that ADNOC had approached Covestro about a potential takeover but initial advances were rejected, leading the UAE side to improve its offer.
The Emirati firm's initial approaches included a takeover price of 55 euros and then 57 euros per share, according to Bloomberg News.
The vital German chemicals industry -- which accounts for about five percent of the country's GDP, and also includes titans like BASF -- has in recent times been gripped by crisis.
The energy-intensive sector was hit hard after Russia invaded Ukraine and slashed deliveries of crucial natural gas to Germany.
L.Torres--PC