UAE state firm Adnoc announced on 25 October that the acceptance period for its €62/share bid for German chemicals firm Covestro has begun (MEES, 4 October). With the publication of the Offer Document, shareholders now have until “27 November 2024, 24:00 hrs (Frankfurt am Main local time) / 18:00 hrs (New York local time)” to accept the offer. A minimum of 50% +1 have to accept for the bid to go through. Adnoc has already been increasing its holdings through share purchases, with a current stake of 9.55%. The Abu Dhabi Investment Authority (ADIA) also holds approximately 0.16%.
If the 50% plus one threshold is passed, there will then be an additional two-week period during which remaining shareholders can choose whether to accept the offer. Adnoc has begun the process of gaining necessary regulatory approvals in jurisdictions where Covestro operates, and the purchase is expected to complete in 2H 2025. (CONTINUED - 137 WORDS)