Abu Dhabi’s national oil company has agreed a €14.7bn deal to buy German chemicals group Covestro in one of the largest European takeovers this year. Adnoc, which has been pursuing Covestro since last year,

Abu Dhabi's ADNOC has struck a deal to buy German chemicals maker Covestro for 14.7 billion euros ($16.3 billion), including debt, in the energy giant's biggest ever acquisition. The deal is one of th

The tie-up is part of the oil producer’s big bet on chemicals, as it tries to transform into a fully integrated energy company.

German chemicals group Covestro said Tuesday it had accepted a takeover bid from UAE state energy company ADNOC, as one of the key sectors in Europe's largest economy is gripped

By Ludwig Burger BERLIN (Reuters) -Abu Dhabi state oil giant ADNOC said on Tuesday that it has agreed to buy German chemicals producer Covestro for 15.9 billion euros ($18 billion) including debt, sending Covestro shares up 4% in early trade.

Adnoc and Covestro agreed on a tie-up valuing the chemicals maker at $13.05 billion in a deal that will help the Abu Dhabi energy giant diversify its portfolio beyond its core oil business.

Abu Dhabi’s state oil firm ADNOC announced it will buy German firm Covestro in a 14.7 billion-euro deal ($16.4 billion).