by Emma-Victoria Farr and Yousef Saba
BERLIN/DUBAI (Reuters) – Covestro said on Thursday it was in open negotiations with Abu Dhabi National Oil Co (ADNOC), as sources said the oil giant was preparing to upgrade its takeover bid for the German oil maker. plastics and chemicals.
“We are in open discussions with ADNOC. This concerns both content and timing,” a Covestro spokesperson told Reuters.
The statement comes as sources familiar with the discussions indicated that ADNOC could raise its offer for Covestro to around 60 euros per share, or around 11.3 billion euros.
This non-binding offer includes job guarantees and eight billion euros in investments, said one of these sources.
Bloomberg initially reported that ADNOC had submitted a preliminary offer of around 60 euros per share.
According to a source at Reuters in June, ADNOC had made an offer to buy Covestro at more than 50 euros per share.
(Report by Emma-Victoria Farr and Yousef Saba, written by Rachel More and Anousha Sakoui, French version Dagmarah Mackos, edited by Blandine Hénault)
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