ADNOC Seals the Deal: $16.3B Acquisition of Covestro
The Abu Dhabi National Oil Company (ADNOC) has successfully completed its landmark $16.3 billion acquisition of German chemicals manufacturer Covestro. This marks the energy giant’s largest acquisition to date and the biggest foreign takeover by a Gulf state.
The deal represents a strategic move by ADNOC to diversify its operations and reduce dependence on oil amid the global transition to cleaner energy. As part of the acquisition agreement, ADNOC has pledged not to sell, close, or significantly reduce Covestro’s business activities while protecting the company’s valuable technology and intellectual property assets.
This massive transaction underscores the broader trend of Gulf states investing heavily in international markets to secure long-term economic sustainability. The acquisition positions ADNOC as a major player in the global chemicals industry while expanding Covestro’s access to Middle Eastern markets and resources.