UAE's Adnoc Buys Germany's Covestro for $13 Billion.

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]