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Abu Dhabi National Oil Co. has increased its takeover offer for Covestro (OTCPK:CVVTF) (OTCPK:COVTY) to ~€11B ($12.4B) as it seeks to convince the German chemical producer to enter talks, Bloomberg reported Tuesday.
Adnoc’s latest offer values Covestro (OTCPK:CVVTF) (OTCPK:COVTY) at ~€57/share, up from its first informal bid of ~€55/share, according to the report.
Covestro (OTCPK:CVVTF) (OTCPK:COVTY) reportedly rejected Adnoc’s previous proposal as too low, and Adnoc is said to have tried to address concerns about its offer, including over how it would help the German company develop its specialty chemical operations.
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