Adnoc has completed the bulk of its due diligence into German chemicals firm Covestro and is expected to officially make an offer valuing the firm at €11.7bn ($12.5bn) in September according to sources. The due diligence work itself was completed last weekm, says one source, with Covestro waiting for Adnoc to either sign off on it or come back with any follow up requests. Adnoc did not respond to a request for comment.
Covestro’s leadership is impatient for Adnoc to move ahead with the process, MEES understands. The firm will hold a number of investor roadshows in the weeks ahead, starting on 4 September, and wants to be able to demonstrate concrete progress in the transaction. (CONTINUED - 160 WORDS)