UAE oil giant ADNOC to buy German chemicals firm for 12 billion euros

German chemicals group Covestro said Tuesday it had accepted a takeover bid from the United Arab Emirates state energy company ADNOC, valuing the plastics-maker at 12 billion euros ($13.3 billion).

The agreement signed between the two groups "stipulates that the bidder will make a public takeover offer for all outstanding shares of Covestro for 62.00 euro per share", Covestro said in a statement.

AFP