The Abu Dhabi National Oil Company (Adnoc) has set out its biggest ever acquisition deal by offering €14.7bn for the German chemical company Coverstro as it seeks to future proof its business for a world less reliant on oil as a fuel.

Covestro said in an October 1 statement that Adnoc will make a takeover offer with a price of €62 per share, which is a premium of more than 50% compared to the company’s share price before talks were revealed in June 2023. 

Sultan Ahmed Al Jaber, Adnoc’s CEO, said that the deal aligns with the company’s “future proofing strategy” and goal to become a top 5 global chemicals companies. He added that aligning Adnoc and Covestro’s strategies would position them to “meet the growing demand for energy and chemical products” and accelerate the transition to a circular economy.