Deals
Adnoc to Progress in Covestro Talks Ahead of Potential Bump
- Discussions had hit snag after latest €60/share bid fell flat
- Adnoc taps consulting firm to send questionnaire to Covestro
Abu Dhabi National Oil Co. is inching toward an improved bid for Covestro AG after finding a potential way to resolve the impasse over its €11.3 billion ($12.1 billion) pursuit of the German chemical maker, people familiar with the matter said.
Adnoc is working with a consulting firm that’s sent dozens of questions to Covestro about the details of its operations, according to the people. The responses could give the Abu Dhabi-based energy giant enough information to improve its bid to slightly more than €60 per share, the people said, asking not to be identified because the information is private.