The UAE's ADNOC held talks with the German company Covestro. ADNOC intends to acquire Covestro since last year. Covestro CEO Markus Staelmann confirmed that the company will take sufficient time to evaluate the acquisition offer.

The negotiations are still in effect despite more than 7 months having passed since their announcement. ADNOC is seeking to strengthen its international presence through the acquisition of Covestro, while the latter is facing difficulties in light of the slowdown in growth in the European market.

ADNOC is making an offer of 60 euros per share, but may need to increase it to win the support of Covestro's supervisory board.

Covestro is facing pressure to cut costs and improve profits; Its expected profits for 2024 have declined significantly.

Despite the challenges, ADNOC continues its pursuit of acquiring Covestro, with its focus on completing a deal that benefits all parties. ADNOC seeks to purchase a series of European assets as part of its diversification strategy, and ADNOC recently completed the acquisition of 24.9% of OMV.

ADNOC plans to invest $150 billion to expand its operations in natural gas, chemicals, and clean energy. Overall, these developments indicate that ADNOC is determined to complete the acquisition of Covestro, despite the challenges facing both companies.