1. UAE's Adnoc Buys Germany's Covestro for $13 Billion.
- Author
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Dummett, Ben
- Subjects
- *
ENERGY industries , *BUSINESS negotiation , *FOSSIL fuels , *HYDROGEN production , *PETROLEUM as fuel - Abstract
Abu Dhabi National Oil Co. (Adnoc) has acquired Germany's Covestro for over $13 billion, marking a significant move into the chemical production industry. Adnoc, a major oil and gas producer, aims to transform into a fully integrated energy company similar to Exxon Mobil. Covestro is a leading producer of polymer materials used in various industries, and the acquisition gives Adnoc a market value of approximately $13.1 billion. Adnoc's challenge will be to revive Covestro's slumping sales and profits in the face of declining demand and prices for its products. [Extracted from the article]
- Published
- 2024