Negotiations over Adnoc’s planned purchase of German chemicals firm Covestro have been dragging on for the best part of a year, much to the frustration of a number of interested parties (MEES, 15 September 2023). There has been renewed momentum in recent weeks, with sources suggesting that the two firms are increasingly aligned on a number of key issues. However, while Covestro’s board is keen to be able to announce tangible progress at its 27 June Capital Markets Day, that is a tight timeframe. With negotiations now addressing the serious issues of what a post-takeover Covestro would look like, the firm’s board wants assurances on key issues before fully opening up its books for Adnoc to conduct in-depth due diligence.
With Eid holidays now beginning in the UAE, serious progress by 27 June may prove too tight a timeframe, but while the slow pace may be frustrating for some Covestro shareholders, progress is being made. (CONTINUED - 154 WORDS)