ADNOC's €10 Billion Acquisition of Covestro in Limbo: $13 Billion Deal Shrouded in Uncertainty, Shares Surge 5.7% Sparking Market Buzz!

ABU Dhabi National Oil Company (ADNOC) is close to completing a comprehensive review of Covestro (1COV.DE), a move that marks a new stage in a potential deal worth up to 11.7 billion euros ($13 billion). As the deal nears completion, an announcement is expected in September, according to the sources, and the purchase price of 62 euros per share could still become final. Covestro and ADNOC were not available for comment. Bloomberg first reported the news on Wednesday.

Covestro shares rose 5.7 percent on the day to 56.90 euros, their highest level in nearly three years. The company's headquarters in Leverkusen announced at the end of June that it would enter into concrete talks with ADNOC. After months of negotiations, ADNOC announced a potential offer of 62 euros per share, which is subject to a full review. Covestro's chief financial officer Christian Baier told Reuters at the end of July that talks had made positive progress and remained constructive.

Covestro is the company formerly known as the Plastics division of the Bayer Group, which listed the division separately in 2015. The company employs around 17,500 people worldwide, nearly 7,000 of whom are based in Germany. Covestro mainly produces intermediate products for the automotive, furniture, home appliances and construction industries, and its products are widely used in mattress foam, car seats and wind turbine blades.