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Abu Dhabi National Oil Company (ADNOC) has reportedly approached German plastics and chemicals manufacturer Covestro AG with a takeover offer worth over 10 billion euros ($10.9 billion). The move comes ADNOC Chief Executive Sultan al-Jaber leads the company's push into new energy, low carbon fuels, such as ammonia and hydrogen, as well as liquefied natural gas and chemicals, in line with Abu Dhabi’s diversification plans. ADNOC has been actively expanding its presence in Europe, including its recent acquisition of a stake in Austrian oil and gas group OMV.

Abu Dhabi’s ADNOC in almost $11 billion approach for Covestro

Abu Dhabi National Oil Company (ADNOC) has reportedly approached German plastics and chemicals manufacturer Covestro AG with a takeover offer worth over 10 billion euros ($10.9 billion). The move comes ADNOC Chief Executive Sultan al-Jaber leads the company’s push into new energy, low carbon fuels, such as ammonia and hydrogen, as well as liquefied natural gas and chemicals, in line with Abu Dhabi’s diversification plans. ADNOC has been actively expanding its presence in Europe, including its recent acquisition of a stake in Austrian oil and gas group OMV.

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