Adnoc Seals €12 Billion Deal for German Chemical Firm Covestro

Abu Dhabi National Oil Co. has reached a deal to buy chemical producer Covestro AG for about €11.7 billion ($13 billion), in what’s set to be the biggest Middle Eastern acquisition of a European firm.

Adnoc and Covestro said the deal will value the German company at €62 per share, but hinges on the Abu Dhabi oil producer receiving at least 50% plus one share in its tender offer. Adnoc will also subscribe to a capital increase that will give Covestro about €1 billion of fresh capital.

Adnoc had largely completed its due diligence by late August, people with knowledge ...