At the beginning of October, the long-standing speculation in the coatings industry became reality: Adnoc is close to acquiring Covestro. Adnoc, the Abu Dhabi National Oil Company, is a state-owned energy company based in the United Arab Emirates. By September 2023, Covestro confirmed that it was engaged in “open-ended discussions” with Adnoc. Last month, the speciality chemicals manufacturer signed an investment agreement with certain entities of the Adnoc, including Adnoc International and its subsidiary, Adnoc International Germany Holding. These new shares will be issued to Adnoc at the offer price of EUR 62.00 per share, amounting to approximately EUR 1.17 billion.