UAE: Adnoc to buy German chemicals company Covestro for Dh66.11 billion
The UAE's Adnoc has agreed to buy German chemicals producer Covestro for ($18 billion (Dh66.11 billion) including debt, the state oil giant said on Tuesday, representing its largest acquisition to date.
The deal is one of the biggest foreign takeovers by a Gulf state as Abu Dhabi and other countries in the region seek to reduce their economies' heavy dependence on oil in the face of the global energy transition.