Abu Dhabi National Oil Co (ADNOC) has approached German plastics and chemicals maker Covestro with an acquisition proposal worth more than $10.9 billion, Reuters reported, citing two people familiar with the matter.
The energy giant has made an informal offer to Covestro, a maker of transparent polycarbonate plastics, as well as chemicals for insulation and upholstery foams.
Over the past two years, ADNOC has separately listed businesses offering investors exposure to its petrochemicals, fertilisers, drilling services, gas as well as logistics businesses.
ADNOC Chief Executive Sultan al-Jaber is leading the company’s push into new energy, low carbon fuels, such as ammonia and hydrogen, as well as liquefied natural gas and chemicals.