Abu Dhabi’s Adnoc has established a wholly-owned German subsidiary as part of its planned purchase of German chemicals firm Covestro. The registration of Adnoc International Germany Holding AG, München, came as the two firms entered into “concrete negotiations” on the transaction after Adnoc upped its proposed bid to €62/share (MEES, 28 June).
Due diligence is now underway, and as part of this a delegation of Adnoc officials visited Covestro sites in Germany last week. (CONTINUED - 276 WORDS)
