(Reuters) -State-owned Abu Dhabi National Oil Co, or ADNOC, has been pursuing a series of merger and acquisition deals with European companies, with an aim to diversify and develop its chemicals and renewable energy operations.
Here are the deals and talks ADNOC is involved in:
COVESTRO
ADNOC said on Oct. 1 it had agreed to buy German chemicals producer Covestro for 14.7 billion euros ($15.9 billion), one of the biggest foreign takeovers by a Gulf state which is aimed at diluting the country’s heavy dependence on oil in the energy transition.
OMV
ADNOC and OMV will merge their polyolefin businesses to create a chemicals powerhouse with a $60 billion enterprise value, they said on March 4 after nearly two years of negotiations.
The merged entity, Borouge Group International, will also acquire Canada’s Nova Chemicals Corp from Abu Dhabi sovereign wealth fund Mubadala for $13.4 billion, including debt.
FERTIGLOBE
ADNOC agreed in December 2023 to take over European chemical producer OCI’s entire stake in ammonia and urea producer Fertiglobe for $3.62 billion, becoming its largest shareholder.
($1 = 0.9259 euros)
(Reporting by Tristan Veyet, Isabel Demetz in Gdansk; editing by Milla Nissi)
